Paragraph 7C C1 F1

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

Sch. 5 para. 2A omitted by Pensions Act 2011 Sch. 2 para. 3(4)
Sch. 5 para. 2(5)(a) words omitted by Pensions Act 2011 Sch. 2 para. 3(3)
Sch. 5 para. 3B(5)(b)(i) words omitted by Pensions Act 2011 Sch. 2 para. 3(5)
Sch. 5 para. 3C(5) omitted by Pensions Act 2011 Sch. 2 para. 3(6)
Sch. 5 para. A1(4) omitted by Pensions Act 2011 Sch. 2 para. 3(2)
Sch. 5 para. 3B(1) amendment to earlier affecting provision S.I. 2005/469 reg. 2(4)(a) by Social Security (Deferral of Retirement Pensions etc.) 2006 reg. 3

(1)

Any lump sum calculated under paragraph 3B or 7B must be rounded to the nearest penny, taking any 1/2p as nearest to the next whole penny above.

(2)

In prescribing a percentage rate for the purposes of paragraphs 3B and 7B, the Secretary of State must have regard to—

(a)

the national economic situation, and

(b)

any other matters which he considers relevant.

Annotations

F1: Sch. 5 para. 7C and cross-heading inserted (18.11.2004 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), s. 322(3)(a), Sch. 11 para. 12

C1: Sch. 5 modified (6.4.2005) by The Social Security (Retirement Pensions etc.) (Transitional Provisions) Regulations 2005 (S.I. 2005/469), regs. 1(1), 2

F1: Sch. 5 heading substituted (18.11.2004 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), s. 322(3)(a), Sch. 11 para. 3

C2: Sch. 5: sums amended (coming into force in accordance with arts. 1(4)(5), 7 of the amending S.I.) by The Social Security Benefits Up-rating Order 2026 (S.I. 2026/148), arts. 1(3)(c), 4(3)