# The Social Security (Graduated Retirement Benefit) Regulations 2005, Paragraph 12: Choice between increase and lump sum

Extent: E+W+S

(1) Where the period of deferment is at least 12 months, a person shall, on becoming entitled to graduated retirement benefit, elect that—
(a) paragraph 13; or
(b) paragraph 15,
is to apply in respect of that period.
(2) The election referred to in sub-paragraph (1) shall be made—
(a) on the date on which he claims graduated retirement benefit; or
(b) within the period after claiming graduated retirement benefit prescribed in paragraph 20B,
and in the manner prescribed in paragraph 20C.
(3) If no election under sub-paragraph (1) is made within the period referred to in sub-paragraph (2)(b), the person is to be treated as having made an election under sub-paragraph (1)(b).
(4) A person who has made an election under sub-paragraph (1) (including one that the person is treated by sub-paragraph (3) as having made) may change the election in the circumstances, manner and within the period prescribed, in paragraph 20D .

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Source: https://www.legislation.gov.uk/uksi/2005/454/schedule/1/paragraph/12 (the official version)
Page: https://openlegislation.uk/social-security-graduated-retirement-benefit-regulations-2005/schedule-1/paragraph-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.