Regulation 10 Limit on total amount of benefits

After regulation 18 insert–

“Limit on total amount of benefits

18A

(1)

A member and any dependant of his shall not be entitled, under any provision of these Regulations, to receive benefits the capital value of which exceeds his lifetime allowance, increased where applicable by his primary protection or enhanced protection, except in accordance with guidance issued by the Government Actuary.

(2)

In this regulation, “lifetime allowance”, “primary protection” and “enhanced protection” are to be construed in accordance with section 218 of, and Schedule 36 to, the Finance Act 2004^f1.

(3)

Any calculation of the capital value of a member’s benefits is to be carried out in accordance with guidance issued by the Government Actuary.

Deduction of tax

18B

The appropriate administering authority is responsible for deducting from any payments of benefits under the Scheme any tax to which they may become chargeable under the Finance Act 2004.”.