Regulation 45C Joint liability in respect of annual allowance chargeF1F2
This regulation applies where a member gives the Committee notice of joint and several liability under section 237B (liability of scheme administrator) of the Finance Act 2004 in respect of the member’s annual allowance charge.
Where the joint liability amount specified in the notice is met by the fund, the Committee shall reduce the value of the member’s rights accrued under the Scheme and the former Regulations (if applicable), in accordance with guidance issued by the Government Actuary.
In this regulation—
“annual allowance charge” has the meaning given to that expression by section 227 of the Finance Act 2004; and
“the joint liability amount” has the meaning given to that expression by section 237B(3) of the Finance Act 2004.
Annotations
Textual amendments
- F1
Regulations revoked (except reg. 4 for specified purposes, reg. 6 for specified purposes and reg. 11) (1.4.2015) by The Local Government Pension Scheme (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/189), regs. 1(1), 2(1), Sch. 2 (with regs. 3, 13, 14(1)(d), Sch. 5)
- F2
Reg. 45C inserted (with effect in accordance with reg. 1(2)(c) of the amending Rule) by Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2013 (S.R. 2013/71), regs. 1(1), 20