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Paragraph 16 Calculation of lump sumI1

Northern Ireland

(1)

The lump sum is the accrued amount for the last accrual period beginning during the period of deferment.

(2)

In this paragraph –

  • “accrued amount” means the amount calculated in accordance with sub-paragraph (3);

  • “accrual period” means any period of seven days beginning with the day of the week on which Category A or Category B retirement pension would have been payable to a person in accordance with regulation 22(3) of, and paragraph 5 of Schedule 6 to, the Claims and Payments Regulations F1or in accordance with regulation 22C(3) or (4) of those Regulations, if he had been entitled to it, where that day falls within the period of deferment.

(3)

The accrued amount for an accrual period for a person is –

(A+P)×(1+R100)32

where –

  • A is the accrued amount for the previous accrual period (or, in the case of the first accrual period beginning during the period of deferment, zero);

  • P is, subject to sub-paragraph (5), the amount of the graduated retirement benefit to which the person would have been entitled for the accrual period if he had been entitled to it;

  • R is –

    1. (a)

      a percentage rate two per cent. higher than the Bank of England base rate; or

    2. (b)

      if a higher rate is prescribed for the purposes of paragraphs 3B and 7B of Schedule 5, that higher rate.

(4)

For the purposes of sub-paragraph (3), any change in the Bank of England base rate is to be treated as taking effect –

(a)

at the beginning of the accrual period immediately following the accrual period during which the change took effect; or

(b)

if regulations under paragraph 3B(4) of Schedule 5 so provide, at such other time as may be prescribed in those Regulations.

(5)

Regulation 3 of the Deferral Regulations shall have effect for the purposes of this paragraph in like manner to graduated retirement benefit as it does to retirement pension in the calculation of the lump sum under paragraph 3B of Schedule 5.

Annotations

Textual amendments

F1

Words in Sch. 1 para. 16(2) inserted (6.4.2017) by The Occupational Pension Schemes and Social Security (Schemes that were Contracted-out and Graduated Retirement Benefit) (Miscellaneous Amendments) Regulations (Northern Ireland) 2017 (S.R. 2017/57), regs. 1(1), 3

Commencement

I1

Sch. 1 para. 16 in operation at 6.4.2005, see reg. 1(1)

Notes on Schedule 1

Modifications

C1

Sch. 1: sums amended (with effect in accordance with arts. 1(2), 6 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2007 (S.R. 2007/153), arts. 1(1)(g), 12(3)

C2

Sch. 1: sums amended (with effect in accordance with arts. 1(2), 6 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2008 (S.R. 2008/92), arts. 1(1)(g), 12(3)

C3

Sch. 1: sums amended (with effect in accordance with arts. 1(2), 6 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2009 (S.R. 2009/89), arts. 1(1)(f), 12(3)

C4

Sch. 1: sums confirmed (12.4.2010) by The Social Security Benefits Up-rating Order (Northern Ireland) 2010 (S.R. 2010/118), arts. 1(1)(c), 12(3)

C5

Sch. 1: sums amended (with effect in accordance with arts. 1(2), 6 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2011 (S.R. 2011/119), arts. 1(1)(c), 12(3)

C6

Sch. 1: sums amended (with effect in accordance with arts. 1(2), 6 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2012 (S.R. 2012/116), arts. 1(1)(c), 12(3)

C7

Sch. 1: sums amended (with effect in accordance with arts. 1(2), 6 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2013 (S.R. 2013/69), arts. 1(1)(c), 11(3)

C8

Sch. 1: sums amended (with effect in accordance with arts. 1(2), 6 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2014 (S.R. 2014/78), arts. 1(1)(c), 11(3)

C9

Sch. 1: sums amended (with effect in accordance with arts. 1(2), 6 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2015 (S.R. 2015/124), arts. 1(1)(c), 11(3)

C10

Sch. 1: sums amended (with effect in accordance with arts. 1(2)(3), 7 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2017 (S.R. 2017/56), arts. 1(1)(c), 12(3)

C11

Sch. 1: sums amended (25.9.2017) by The Social Security Benefits Up-rating (No. 2) Order (Northern Ireland) 2017 (S.R. 2017/187), arts. 1, 11(3)

C12

Sch. 1: sums amended (24.3.2018) by The Social Security (2017 Benefits Up-rating) Order (Northern Ireland) 2018 (S.R. 2018/56), arts. 1, 11(3)

C13

Sch. 1: sums amended (with effect in accordance with arts. 1(2)(3), 7 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2018 (S.R. 2018/58), arts. 1(1)(c), 12(3)

C14

Sch. 1: sums amended (29.9.2018) by The Social Security Benefits Up-rating (No. 2) Order (Northern Ireland) 2018 (S.R. 2018/167), arts. 1, 11(3)

C15

Sch. 1: sums amended (26.3.2019) by The Social Security (2018 Benefits Up-rating) Order (Northern Ireland) 2019 (S.R. 2019/46), arts. 1, 11(3)

C16

Sch. 1: sums amended (with effect in accordance with arts. 1(2)(3), 7 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2019 (S.R. 2019/58), arts. 1(1)(c), 12(3)

C17

Sch. 1: sums amended (27.9.2019) by The Social Security Benefits Up-rating (No. 2) Order (Northern Ireland) 2019 (S.R. 2019/188), arts. 1, 11(3)

C18

Sch. 1: sums amended (with effect in accordance with art. 1(2)(3)(a), 7 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2020 (S.R. 2020/40), arts. 1(1)(c), 12(3)

C19

Sch. 1: sums amended (with effect in accordance with arts. 1(2)(3), 7 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2021 (S.R. 2021/82), arts. 1(1)(c), 12(3)

C20

Sch. 1: sums amended (with effect in accordance with arts. 1(2)(3)(a), 7 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2022 (S.R. 2022/143), arts. 1(1)(c), 12(3)

C21

Sch. 1: sums amended (28.9.2022) by The Social Security Benefits Up-rating (No. 2) Order (Northern Ireland) 2022 (S.R. 2022/231), arts. 1, 11(3)

C22

Sch. 1: sums amended (27.3.2023) by The Social Security (2022 Benefits Up-rating) Order (Northern Ireland) 2023 (S.R. 2023/27), arts. 1, 11(3)

C23

Sch. 1: sums amended (with effect in accordance with arts. 1(2)(3), 7 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2023 (S.R. 2023/43), arts. 1(1)(c), 12(3)

C24

Sch. 1: sums amended (26.9.2023) by The Social Security Benefits Up-rating (No. 3) Order (Northern Ireland) 2023 (S.R. 2023/150), arts. 1, 11(3)

C25

Sch. 1: sums amended (22.3.2024) by The Social Security (2023 Benefits Up-rating) Order (Northern Ireland) 2024 (S.R. 2024/69), arts. 1, 10(3)

C26

Sch. 1: sums amended (with effect in accordance with arts. 1(2)(3)(a), 7 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2024 (S.R. 2024/73), arts. 1(1)(c), 11(3)

C27

Sch. 1: sums amended (with effect in accordance with art. 1(2)(3)(a), 7 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2025 (S.R. 2025/64), arts. 1(1)(c), 11(3)

C28

Sch. 1: sums amended (coming into operation in accordance with arts. 1(2)(3)(a), 7 of the amending Rule) by The Social Security Benefits Up-rating Order (Northern Ireland) 2026 (S.R. 2026/59), arts. 1(1)(c), 11(3)