Regulation 166 Amount of lump sum payable under regulation 165 instead of retirement pensionI1

Scotland

(1)

This regulation applies to a member (P) who applies under regulation 165 to receive a lump sum instead of a retirement pension.

(2)

The amount of the lump sum payable to P is the total of—

(a)

for an age retirement pension, ill health pension or total incapacity pension, a sum equal to 5 x the annual rate of the retirement pension; and

(b)

for a phased retirement pension that is already in payment, a sum equal to—

(A-B) x the annual rate of the phased retirement pension

where—

A is 5, and

B is the period (in years and fractions of a year) from the date on which the phased retirement pension was first paid until the date of the application^f1.

Annotations

Commencement

I1: Reg. 166 in force at 1.4.2015, see reg. 1(2)(b)

Footnotes

f1: Note: if this period is 5 years or more, no lump sum is payable in respect of the phased retirement pension.