Regulation 68 Elections as to use of accumulated value of AVCsI1
Northern Ireland
F1Subject to paragraph (8), this regulation applies where a person –
leaves his employment with the employer who was his employing authority when he made an election under regulation 62(1) or (11) without entitlement to the immediate payment of retirement benefits;
stops being an active member without leaving that employment;
leaves his employment with the employer who was his employing authority when he made an election under regulation 62(1) or (11) with entitlement to the immediate payment of retirement benefits –
under regulation 26 (normal retirement) or 28 (redundancy etc); or
by virtue of an election under regulation 33 (early payment); or
becomes entitled to an ill-health pension under regulation 29.
Subject to paragraph (7), a person must elect to have the accumulated value used –
where paragraph (1)(a) applies to him, in one or more of the permissible ways; and
where paragraph (1)(b) applies to him, in the way mentioned in paragraph (3)(b).
The permissible ways are –
to subscribe to an occupational pension scheme (other than the Scheme);
to subscribe to a personal pension scheme (including an additional voluntary contributions scheme, other than an FSAVC scheme);
to subscribe to a self-employed pension arrangement;
to purchase an appropriate policy from one or more AVC insurers.
Where paragraph (1)(c) or (d) applies to a person, he may elect for the accumulated value to be used to provide additional pension for him under the Scheme, or partly to provide such pension for him.
Where a member makes an election under paragraph (4), he becomes entitled to such additional pension as is shown as appropriate in guidance issued by the Government Actuary.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Where a person who has stopped being employed by an employing authority or being a member receives –
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
a repayment of contributions under regulation 88; or
a payment under regulation 89(2),
he must immediately be paid the accumulated value.
F4A person who made an election under regulation C24(1) of the 2000 Regulations prior to the commencement date shall continue to have the rights to make elections as to the use of the accumulated value as under the provisions of those Regulations as in operation prior to that date and accordingly, so far as is necessary to give effect to those rights and to make provision for any matters incidental to them, those provisions shall be treated as if they had continued in effect.
In this regulation, “the accumulated value” means the accumulated value of the additional contributions invested under regulation 66(1).
Annotations
Textual amendments
- F1
Regulations revoked in part (1.4.2009) by Local Government Pension Scheme (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2009 (S.R. 2009/34), reg. 1(1), Sch. 1 (with reg. 3)
- F2
Reg. 68(6) deleted (6.4.2006) by Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2007 (S.R. 2007/152), regs. 1(2)(a), 33
- F3
Reg. 68(7)(a) omitted (1.6.2005) by virtue of Local Government Pension Scheme (Amendment No. 2) Regulations (Northern Ireland) 2005 (S.R. 2005/274), regs. 1(2), 14, (with regs. 28, 29)
- F4
Regulations revoked in pt. (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 reg. 3)
Modifications
- C1
Reg. 68(8) continued (1.4.2015) by The Local Government Pension Scheme (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/189), regs. 1(1), 14(1)(b)