Paragraph 4 Determination of contributions

(1)

The Secretary of State is from time to time F1to determine the amount of the lump sum (in the case of a lump sum election) and the monthly payments (in the case of a monthly contribution election) to be paid as contributions for a given amount in respect of which an election is made.

(2)

The amounts must be such that they reflect the cost of payment of pension—

(a)

in the case of an AP beneficiary who is a pre-2007 entrant and has not reached the age of 60, at the age of 60, and

(b)

in the case of any other AP beneficiary, at the age of 65.

(3)

Different amounts may be determined—

(a)

for different classes or descriptions of AP beneficiaries;

(b)

depending on whether the election is a dependant's election;

(c)

where the election is a monthly contribution election, depending on the length of the payment period.

(4)

The Secretary of State may exercise the functions under this paragraph so as to re-determine the amount of the monthly payments to be paid as contributions during the payment period.

Annotations

Textual amendments

F1: Word in Sch. 4 para. 4(1) inserted (1.4.2015) by The Teachers' Pensions (Miscellaneous Amendments) (No. 2) Regulations 2014 (S.I. 2014/2651), regs. 1, 24(a)