Regulation 5 Calculations

In regulation 20, for paragraph (3B) substitute—

“(3B)

But the total amount of the member’s retirement grant, including any sum received—

(a)

in accordance with an election under paragraph (3A);

(b)

as benefits provided in the form of a lump sum in accordance with regulation 64; or

(c)

as additional lump sum benefits in accordance with regulation 66,

shall not exceed 25% of the capital value of his accrued rights.”.

In regulation 20(3C), for the words “made by him” substitute “made by or for him”.

After regulation 20(3D), insert—

“(3E)

In paragraph (3A), “member” includes a deferred member to whom regulations 4 and 18A of the Local Government Pension Scheme (Transitional Provisions) Regulations 1997^f1 (Deferred members and pensioners: general) applies.

(3F)

A member may make an election under paragraph (3A) in respect of his pension, or any part thereof, payable by virtue of an election under regulation 66 (Elections as to use of accumulated value of AVCs) notwithstanding any provision to the contrary in the former provisions of regulation 66 treated as continuing to have effect under paragraph (8) of that regulation.”.