Regulation 160 Payment of pensionI1

Scotland

(1)

This regulation applies to the payment of a pension.

(2)

A pension is normally to be paid monthly, but—

(a)

may, on the application of the person entitled to it, be paid quarterly; or

(b)

may be paid in such instalments and at such intervals as the scheme manager may think appropriate.

(3)

Where payment of any such sum is due in respect of a period which is less than the interval at which it is payable—

(a)

the amount payable in respect of each complete month of the period shall be 1/12th of the annual rate of the sum; and

(b)

the amount payable in respect of a period of less than 1 complete month shall be—

\frac{A}{12} \times \frac{B}{C}

(4)

In paragraph (3)(b)—

(a)

A is the annual rate of the pension;

(b)

B is the number of days in respect of which the benefit is payable; and

(c)

C is the total number of days in the month in which the days in B fall.

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