Regulation 73 Election to receive additional pension with phased retirement pension

(1)

This regulation applies to the AP beneficiary of an AP election who makes an election to receive phased retirement benefits under regulation 57(7) (election to receive phased retirement benefits).

(2)

A person to whom this regulation applies may elect to receive an additional pension with the phased retirement pension by giving written notice to the Secretary of State at the same time as the notice required under regulation 57(7).

(3)

Where a person (P) makes an election under paragraph (2), an additional pension is payable to P in respect of each AP election of which P is an AP beneficiary from the entitlement day.

(4)

The entitlement day is the day on which the phased retirement pension becomes payable.

(5)

Except as otherwise provided in these Regulations, the additional pension is payable for life.

(6)

The annual rate of the pension is the amount with which P is credited under Schedule 4 in respect of the AP election multiplied by the factor mentioned in paragraph (7), if that factor is greater than 1, and by the factor mentioned in paragraph (8).

F1(7)

The factor is—

(a)

in relation to an election made under paragraph 2 of Schedule 4 on or before 22nd June 2010, (RPI1/RPI2)/X, where—

(i)

RPI1 is the retail prices index for the penultimate month before the month which includes the day before the entitlement day,

(ii)

RPI2 is the retail prices index for the month which includes the start date, and

(iii)

X is A/B, or 1 if greater, where—

(aa)

A is the amount to which the AP credited amount is increased under PIA 1971 between the AP deemed date and the entitlement day, and

(bb)

B is the AP credited amount; or

(b)

in relation to an election made under paragraph 2 of Schedule 4 after 22nd June 2010, (CPI1/CPI2)/X, where—

(i)

CPI1 is the consumer prices index for the penultimate month before the month which includes the day before the entitlement day,

(ii)

CPI2 is the consumer prices index for the month which includes the start date, and

(iii)

X is A/B, or 1 if greater, where—

(aa)

A is the amount to which the AP credited amount is increased under PIA 1971 between the AP deemed date and the entitlement day, and

(bb)

B is the AP credited amount.

(8)

The factor is—

(a)

where P is a pre-2007 entrant who has not reached the age of 60 by the entitlement day, the appropriate factor for a person with NPA 60 reckonable service;

(b)

where P is a pre-2007 entrant who has not reached the age of 65 by the entitlement day and the AP election was accepted after P reached the age of 60, the appropriate factor for a person with NPA 65 reckonable service;

(c)

where P is a person with mixed service who has not reached the age of 60 by the entitlement day and the AP election was accepted before P became a person with mixed service, the appropriate factor for a person with NPA 60 reckonable service;

(d)

where P is a person with mixed service who has not reached the age of 65 by the entitlement day and the AP election was accepted after P became a person with mixed service, the appropriate factor for a person with NPA 65 reckonable service;

(e)

where P is a 2007 or later entrant who has not reached the age of 65 by the entitlement day, the appropriate factor for a person with NPA 65 reckonable service;

(f)

in all other cases, 1.

(9)

In this regulation—

F2“AP credited amount” means the amount with which P is credited under Schedule 4 in respect of the AP election;
“AP deemed date” means the day on which the additional pension is deemed to begin for the purposes of PIA 1971 (see section 8(2) of that Act);
“AP election” means an election accepted by the Secretary of State under Schedule 4 (contributions for additional pension);
“AP beneficiary” has the same meaning as in Schedule 4;
“start date” has the same meaning as in Schedule 4.

Annotations

Textual amendments

F1: Reg. 73(7) substituted (1.4.2011) by The Teachers’ Pensions (Miscellaneous Amendments) Regulations 2011 (S.I. 2011/614), reg. 1, Sch. 2 para. 6(2)
F2: Words in reg. 73(9) inserted (1.4.2011) by The Teachers’ Pensions (Miscellaneous Amendments) Regulations 2011 (S.I. 2011/614), reg. 1, Sch. 2 para. 6(3)

Notes on Part 7

Modifications

C1: Pt. 7 applied (1.4.2015) by The Teachers (Compensation for Redundancy and Premature Retirement) Regulations 2015 (S.I. 2015/601), regs. 1, 4 (with reg. 44(2)(3))