Paragraph 3 F1

England and Wales

(1)

The benefit to which a pension credit member is entitled under the scheme constituted by these Regulations shall be a pension.

(2)

The pension shall be payable not earlier than when the pension credit member reaches normal benefit age and shall be payable to him for life.

(3)

The value of the pension referred to in this paragraph shall equal the value of the pension credit rights which have accrued to or in respect of the pension credit member.

(4)

Not earlier than one month before the pension credit member reaches normal benefit age, a pension credit member shall, by giving notice to the relevant F2police pension authority, make a benefits election specifying—

(a)

whether only a pension payable for life is to be provided;

(b)

for whom, if anyone, a dependant’s pension is to be provided;

(c)

if more than one pension is to be provided, either—

(i)

the proportion of the amount secured by the total investments made under paragraph 1 that is to be applied to the purchase of each of them; or

(ii)

the dependants' pensions to be provided expressed as a percentage of the pension for life;

(d)

in respect of every pension to be provided, whether the annual rate of the pension—

(i)

is to be fixed; or

(ii)

is to vary in accordance with the Index; or

(iii)

is to increase yearly by a specified percentage or, if lower than that percentage, by the increase in the Index for the year in question;

(e)

the pension provider listed in Schedule 1 from whom each pension is to be purchased (being a provider meeting the requirements referred to in regulations 12 to 14 of the Pension Sharing (Pension Credit Benefit) Regulations 2000), and

(f)

whether, if the pension credit member dies before the expiry of the period of five years beginning with the date on which the pension begins to be payable, the balance that would have been payable during the remainder of that period, if the payments of pension had continued at the rate in force at the date of death, is to be payable as a lump sum.

(5)

On receipt of a notice of election under sub-paragraph (4) the police pension authority must, as soon as is reasonably practicable, realise the investments made under paragraph 1 and apply the proceeds to the purchase from the specified pension provider of the benefits specified in the notice of election.

(6)

If a pension credit member who reached normal benefit age after 1st December 2000 has—

(a)

reached the age of 75; and

(b)

failed to give a notice of election under sub-paragraph (4) on or before the date of his 75th birthday,

the relevant police pension authority may realise the investments made under paragraph 1 and apply the proceeds to the purchase of a pension policy which meets the requirements of regulations 12 to 14 of the Pension Sharing (Pension Credit Benefit) Regulations 2000 from an insurance company in order to provide such benefits as appear to them to be suitable having regard to the pension credit member’s family circumstances, age and health.

Annotations

Textual amendments

F1: Sch. 1A inserted (E.W.) (with effect from 1.12.2000) by The Police Pensions (Pension Sharing) Regulations 2002 (S.I. 2002/3202), reg. 1(1), Sch. 2 para. 6
F2: Words in Regulations substituted (E.W.) (16.1.2012) by The Police Pensions (Amendment) Regulations 2011 (S.I. 2011/3063), regs. 1(1), 2-4, Sch. (with reg. 9)