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Regulation Q10 Members option to pay lump sum contributions to purchase additional pensionF1C1C2

(1)

A member who is in pensionable employment may opt to make a single lump sum contribution to increase by a specified amount—

(a)

the benefits payable to the member under parts E, L and S (including if a member dies after a pension becomes payable, the benefits paid to a surviving partner and dependent children at the same rate as the member’s pension for three to six months under Part S, G and H); or

(b)

those benefits and the benefits otherwise payable in respect of surviving partners and dependent children under Parts S, G and H.

(2)

A member may only make a contribution under this regulation of an amount—

(a)

that is not less than the minimum amount; or

(b)

a multiple of that amount.

(3)

In paragraph (2) “the minimum amount” means the amount that is, in accordance with tables prepared for the Secretary of State by the Scheme Actuary, the amount of the single contribution required at the time that the option is exercised to secure an increase in the member’s pension of—

(a)

£250, or

(b)

such other amount as the Secretary of State may for the time being determine.

(4)

A member may exercise the option under paragraph (1) more than once.

(5)

If a member exercises an option under paragraph (1) the additional contribution is payable by the member to the employing authority—

(a)

by deduction from the member’s earnings or otherwise; and

(b)

before the end of the period of 1 month beginning with the day on which the member is notified by the Secretary of State that the option is accepted; and

(c)

the employing authority must pay the additional contribution to the Secretary of State not later than the 19th day of the month following the month in which the earnings were paid or, as the case may be, the authority received payment of the contribution.

(6)

The total increase in the member’s pension as a result of contributions made under this regulation, taken together with any increase as a result of—

(a)

contributions made under regulation Q8; or

(b)

contributions made under regulation Q11,

may not exceed £5000 or such other amount as the Secretary of State may for the time being determine.

Annotations

Textual amendments

F1

Regs. Q8-Q17 inserted (1.4.2008) by The National Health Service Pension Scheme (Amendment) Regulations 2008 (S.I. 2008/654), regs. 1(2), 51

Modifications

C1

Pt. Q restricted (1.4.2015) by The National Health Service Pension Scheme (Transitional and Consequential Provisions) Regulations 2015 (S.I. 2015/95), regs. 1(b), 25(8)(c)

C2

Regs. Q8-Q15 continued (1.4.2015) by The National Health Service Pension Scheme (Transitional and Consequential Provisions) Regulations 2015 (S.I. 2015/95), regs. 1(b), 23(2)(a)(3)(a)