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Paragraph 23ZA F1

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

Where a person elects to be entitled to a lump sum under Schedule 5 or 5A to the Contributions and Benefits Act or under Schedule 1 to the Graduated Retirement Benefit Regulations, or is treated as having made such an election, and a payment has been made pursuant to that election, an amount equal to—

(a)

except where sub-paragraph (b) applies, the amount of any payment or payments made on account of that lump sum;

(b)

the amount of that lump sum,

but only for so long as that person does not change that election in favour of an increase of pension or benefit.

Annotations

Textual amendments

F1

Sch. 5 para. 23ZA inserted (6.4.2006) by The Social Security (Deferral of Retirement Pensions, Shared Additional Pension and Graduated Retirement Benefit) (Miscellaneous Provisions) Regulations (Northern Ireland) 2006 (S.R. 2006/104), regs. 1(1), 12(4)