Paragraph 7 I1F1
The Committee shall invest with a relevant body any contributions which are not to be used to provide benefits payable in the event of death.
Subject to sub-paragraph (3) and paragraphs 10 to 16, on the member ceasing to be a member of the Scheme the Committee shall as soon as reasonably practicable apply the accumulated value of the contributions invested as mentioned in sub-paragraph (1) to the provision of additional pension benefits under a pension policy.
If the member dies before such a policy is entered into, the accumulated value shall be payable to his personal representatives.
The contributions invested in accordance with sub-paragraph (1) shall not be used to provide benefits in the form of a lump sum unless—
the aggregate of the pension benefits provided under Parts D to G and the additional pension benefits provided by the pension policy mentioned in sub-paragraph (2) do not exceed the annual rate or amount referred to in regulation H5; and
the pension benefits provided under those Parts are being compounded in accordance with that regulation.
Annotations
Textual amendments
- F1
Regulations revoked (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, Sch. 2 (with savings and transitional provisions in reg. 3, Sch. 5)
Commencement
- I1
Sch. C3 para. 7 in operation at 1.8.2000, see reg. A1(1)