Regulation 7 Benefits which may be provided

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg 7 am (retrosp) (to 1.12.2000) by Parliamentary Pensions (Pension Sharing) 2001 reg 2(3), Sch 3, para 2
reg 7 am (retrosp) (to 30.6.1999) by Parliamentary Pensions (Additional Voluntary Contributions Scheme) 2004 reg 3
reg. 7(1) substituted by Parliamentary Pensions 2006 reg. 23(2)
reg. 7(2) words inserted by Parliamentary Pensions 2006 reg. 23(3)(a)
reg. 7(2)(a) words inserted by Parliamentary Pensions 2006 reg. 23(3)(b)
reg. 7(2)(b) words substituted by Parliamentary Pensions 2006 reg. 23(3)(c)(i)
reg. 7(2)(b) words inserted by Parliamentary Pensions 2006 reg. 23(3)(c)(ii)
reg. 7(2)(b) words substituted by Parliamentary Pensions 2006 reg. 23(3)(c)(iii)
reg. 7(2)(c) words substituted by Parliamentary Pensions 2006 reg. 23(3)(d)
reg. 7(2)(d) words substituted by Parliamentary Pensions 2006 reg. 23(3)(e)(i)
reg. 7(2)(d) words substituted by Parliamentary Pensions 2006 reg. 23(3)(e)(ii)
reg. 7(2)(d) word omitted by Parliamentary Pensions 2006 reg. 23(3)(e)(iii) Sch. 2
reg. 7(2)(e)(ii) words substituted by Parliamentary Pensions 2006 reg. 23(3)(f)
reg. 7(2)(f)(g) inserted by Parliamentary Pensions 2006 reg. 23(3)(g)
reg. 7(4) words omitted by Parliamentary Pensions 2006 reg. 23(4) Sch. 2
reg. 7(4A) inserted by Parliamentary Pensions 2006 reg. 23(5)

(1)

Subject to the limits set out in regulation 11, a contributor will be entitled to whatever benefits are secured by the contributions paid by the contributor, and by any transfer value accepted under regulation 5(4).

(2)

The benefits normally permitted are—

(a)

a lump sum payable on the death of the contributor;

(b)

a return of the contributor’s contributions in respect of retirement benefits to the extent of the total realisable value of the investments made by the Trustees with the contributions made by the contributor, payable either on the death of the contributor before retirement or in the circumstances referred to in regulation 10;

(c)

on the death of the contributor before retirement, a pension payable to the contributor’s spouse throughout the remainder of his or her lifetime;

(d)

on the death of the contributor after retirement, a pension payable to one or more dependants throughout the remainder of their lifetime (save that, in the case of a child who is not incapable within the meaning of regulation K3(5)(c) of the principal Regulations, the pension shall only be payable until the child reaches the age of 17 or, if later, until the child ceases to be within his period of full-time education as defined by Schedule 6 to the principal Regulations); and

(e)

a pension payable to the contributor from the contributor’s retirement throughout the remainder of his or her lifetime, under which—

(i)

payments may be guaranteed to be payable for up to 10 years after retirement in any event; or

(ii)

payments may be guaranteed to be payable for up to 5 years after retirement with any balance in respect of any period between death and the expiry of the period of 5 years being paid in one lump sum on death.

(3)

Pensions may be level in payment, increase at a fixed rate, vary in line with the index or with the value of units in a unit trust, managed fund or insurance company fund or be provided on a with-profits basis.

(4)

In the case of benefits payable at or after a contributor’s retirement, the choice of which of the above types of benefit shall be payable shall be made by the contributor at retirement.