# The Pensions Increase (Federated Superannuation System for Universities) Regulations 1972, Regulation 7: Annuity value for persons whose F.S.S.U. service ends after the coming into operation of these Regulations


(1) There shall be ascribed to every person to whom these Regulations apply and whose period of F.S.S.U. service ends after the coming into operation of these Regulations an annuity value calculated in accordance with the following provisions of this Regulation.
(2) In a case where a person has, not later than the end of his period of F.S.S.U. service, attained the age of sixty years or has retired on account of physical or mental infirmity, his annuity value shall, subject to paragraphs (4) and (5) below, be taken to be the best annuity which could be purchased with the capital sum payable on his retirement under the insurance policies held on his behalf under an F.S.S.U. scheme.
(3) In any case other than that specified in paragraph (2) above, a person's annuity value shall, subject to paragraphs (4) and (5) below, be taken to be—
(a) the best annuity which could be purchased at his qualifying date, with the moneys payable at that date under the insurance policies held on his behalf under an F.S.S.U. scheme, at the rates offered at that date for immediate annuities by the insurance companies with whom the policies have been effected; or
(b) if his annuity value cannot be determined in accordance with (a) above, the annuity which, at the end of his period of F.S.S.U. service, such insurance companies estimate could be purchased, on his attaining the age of sixty years, with the moneys payable under such insurance policies if they were immediately converted to paid up policies.
(4) In determining the annuity value in accordance with paragraph (2) or (3) above, there shall be left out of account any sum or benefit which is not attributable to the person's period of F.S.S.U. service.
(5) Where a person has made a payment in consideration of a period of service forming part of his period of F.S.S.U. service being treated as reckonable service for the purposes of the Superannuation Acts or the civil service pension scheme, the capital sum specified in paragraph (2) above or the moneys payable under insurance policies specified in paragraph (3)(a) or (b) above shall be reduced by the amount of the payment.

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Source: https://www.legislation.gov.uk/uksi/1972/877/regulation/7 (the official version)
Page: https://openlegislation.uk/pensions-increase-federated-superannuation-system-for-universities-regulations-1972/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.