Regulation 58 Election for lump sum in lieu of pensionI1
England, Wales and Scotland Not yet in force
Where–
a Class C member has become entitled to the immediate payment of a pension under Part II; and
the retirement grant to which he is entitled (apart from any election made under this regulation) is less than his permitted maximum,
he may make an election under this regulation for that grant to be increased to his permitted maximum.
The election must be made by notice in writing to the appropriate administering authority given not more than three months before and not later than the date on which the member becomes so entitled.
Where a member elects under this regulation–
the retirement grant to which he is entitled is increased in accordance with the election;
the retirement pension to which he is entitled and any other benefits payable to or in respect of him are to be calculated by reference to such reduced period of membership as appears to the appropriate administering authority to be appropriate by virtue of that increase.
That reduced period must be calculated by the appropriate administering authority on the advice of an actuary appointed by them.
A member’s permitted maximum for this regulation is the maximum lump sum to which he is entitled in accordance with Schedule 4 and (so far as relevant) any restrictions imposed under–
section 12C of the Pension Schemes Act 1993f1 (transfer, commutation etc.);
section 19 of that Act (discharge of liability);
section 21 of that Act (commutation, surrender and forfeiture);
section 77 of that Actf2 (assignment, surrender and commutation of benefit).
No person who has elected under regulation 57 may also elect under this regulation.
Annotations
Commencement
- I1
Reg. 58 in force at 1.4.1998, see reg. 1
Footnotes
- f1
-
1993 c. 48; section 12C was inserted by the Pensions Act 1995 (c. 26), section 136.
- f2
-
Section 77 is repealed prospectively by the Pensions Act 1995, Schedules 3 and 7.