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The Social Security (Deferral of Retirement Pensions) (Amendment) Regulations 2011

S.I. 2011/786 · Made 15 March 2011

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Social Security

Made 15th March 2011

Laid before Parliament 15th March 2011

Coming into force 5th April 2011

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 122(1), 175(1) and (3) of, and paragraphs 3B(2) and 7B(2) of Schedule 5 and paragraph 5(2) of Schedule 5A to, the Social Security Contributions and Benefits Act 1992f1.

It appears to the Secretary of State that, by reason of urgency, it is inexpedient to refer proposals in respect of these Regulations to the Social Security Advisory Committeef2.

Annotations to the whole text

Footnotes

f1

1992 c. 4. Section 122(1) is cited for the meaning of “prescribe”.

f2

Section 173(1)(a) of the Social Security Administration Act 1992 (c. 5).

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Social Security (Deferral of Retirement Pensions) Regulations 2005
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Social Security (Deferral of Retirement Pensions) (Amendment) Regulations 2011 and shall come into force on 5th April 2011.

2Amendment of the Social Security (Deferral of Retirement Pensions) Regulations 2005

For regulation 2 (beginning of accrual period) of the Social Security (Deferral of Retirement Pensions) Regulations 2005f1 substitute—

“2.
(1)

This regulation applies for the purposes of paragraphs 3B and 7B of Schedule 5 and paragraph 5 of Schedule 5A to the Act (calculation of lump sum).

(2)

In the case of a retirement pension or shared additional pension to which regulation 22 (long term benefits) of the Social Security (Claims and Payments) Regulations 1987f2 (“the 1987 Regulations”) applies, the accrual period shall begin with the day of the week on which benefit would have been payable had entitlement not been deferred.

(3)

In the case of a retirement pension to which regulation 22C (retirement pension for persons reaching pensionable age on or after 6th April 2010) of the 1987 Regulationsf3 applies, the accrual period shall begin with the first day of the benefit week in relation to which benefit would have been payable had entitlement not been deferred.

(4)

In this regulation, “benefit week” has the same meaning as in regulation 22D (payment of retirement pension at a daily rate) of the 1987 Regulationsf4.”.

Signature

Signed by authority of the Secretary of State for Work and Pensions.

Steve Webb

Minister of State

Department for Work and Pensions

15th March 2011

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Social Security (Deferral of Retirement Pensions) Regulations 2005 (S.I. 2005/453) to prescribe the day of the week on which an accrual period begins for the purposes of paragraphs 3B and 7B of Schedule 5, and paragraph 5 of Schedule 5A, to the Social Security Contributions and Benefits Act 1992 (c. 4).

Schedule 5 to that Act deals with increasing a pension or paying a lump sum where entitlement to a retirement pension is deferred. Schedule 5A to that Act deals with increasing a pension or paying a lump sum where entitlement to a shared additional pension is deferred. Paragraphs 3B and 7B of Schedule 5, and paragraph 5 of Schedule 5A, deal with calculation of a lump sum. In each case, a lump sum is calculated by reference to accrual periods, being a period of seven days within a period of deferment beginning with a prescribed day of the week.

A full impact assessment has not been produced for this instrument as it has no impact on the private or voluntary sectors.