Regulation 62 Annual benefit statementsI1

Scotland Not yet in force

(1)

An administering authority must issue an annual benefit statement to each of its active, deferred and pension credit members.

(2)

The first such statement must be issued on or before 1st April 2011 and subsequent statements must be issued on or before 1st April in each year after that year.

(3)

A statement must contain an illustration of the amount of benefit entitlement, in respect of the rights that may arise under the Scheme, which–

(a)

has been accrued by the member at the relevant date; and

(b)

in the case of an active member, is capable of being accrued by the active member if the active member remains in the Scheme until the active member’s normal retirement age.

(4)

The illustration must be calculated–

(a)

in the case of active members on the member’s pay (or as respects part time employees the whole time equivalent) for the 12 month period ending with the relevant date;

(b)

in the case of deferred members, on the member’s final pay; and

(c)

in the case of pension credit members, in accordance with regulation 95(3) (“appropriate rights”/ “pension credit benefits” under the scheme).

(5)

The relevant date is–

(a)

31st March before the date that the statement is issued, or

(b)

such later date as the authority may choose.

Annotations

Commencement

I1: Reg. 62 in force at 1.4.2009, see reg. 1