Regulation 61 Pension credit member’s entitlement to pension
Subject to regulation 62, a pension credit member is entitled to a pension, of an amount calculated in accordance with paragraphs (3), (4) and (5) which becomes payable–
when the member attains normal benefit age; or
if it is later, when the pension sharing order under which the member is entitled to the pension credit takes effect.
In this Part “normal benefit age” means the age of 65.
A pension credit member’s pension shall be–
an annual sum payable for life; and
subject to paragraph (4), a lump sum payment of an amount equal to that annual sum as at the time when the pension first becomes payable, multiplied by 4.
No lump sum shall be payable under paragraph (3)(b) if the pension credit is a disqualifying pension credit under paragraph 2(3) of Schedule 29 to the Finance Act 2004f1.
The total pension under paragraph (3) must be of such an amount that its actuarial value is equal to the member’s pension credit, as calculated from tables prepared by the Scheme actuary and in accordance with regulations made under paragraph 5(b) of Schedule 5 to the 1999 Actf2.
Annotations
Footnotes
- f1
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2004 c. 12; relevantly amended by the Finance Act 2005 (c. 7), Schedule 10, paragraphs 24, 30, 34 and 35 and the Finance Act 2006 (c. 25), section 159 and Schedule 23, paragraphs 22, 23, 27 and 28.
- f2
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1999 c. 30; the relevant regulations are S.I. 2000/1053, as amended by S.I. 2000/2691.