Paragraph 42 Amount of periodical paymentsI1

United Kingdom

(1)

Periodical payments for an enhanced effective pension age are payable by deduction by the member’s employer from the member’s pensionable earnings for every pay period during the periodical payment period.

(2)

The member’s employer must pay a proportion of the periodical payments as determined by the scheme manager which relate to the years after the member would reach 65 and before the member would reach normal pension age.

(3)

The member’s employer is not required to pay any proportion of the periodical payments which relate to the years after the member would reach 60 and before the member would reach 65.

(4)

The amount of the periodical payments is an amount—

(a)

determined by the scheme manager; and

(b)

set out in a notice to the member and the member’s employer.

(5)

The scheme manager must determine the amount by reference to published actuarial tables having regard to—

(a)

the member’s age and gender; and

(b)

the number of years before the member will reach normal pension age.

(6)

Before the start of every scheme year, the scheme manager must—

(a)

review the amount of the periodical payments; and

(b)

if the scheme manager re-determines the amount, send the member and, if applicable, the member’s employer notice of the amount payable from the start of the next scheme year.

Annotations

Commencement

I1: Sch. 1 para. 42 in force at 15.8.2014, see reg. 1(2)