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Regulation E16 Short-service annuity

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

(1)

A person who—

(a)

has not been in pensionable employment at any time after 5th April 1980, and

(b)

is not qualified for retirement benefits, and

(c)

would, but for regulation 46(2) of the 1976 Regulations or regulation C12(2) (salary exceeding £5,000), have been entitled to be repaid the balance of his contributions,

is entitled to be paid, from his 60th birthday, an annuity for life.

(2)

The rate of the annuity is the actuarial equivalent of the balance of his contributions calculated in accordance with regulation C13 as at his 60th birthday.