Regulation 13 New regulation E21AI1

After regulation E21, insert—

“Short-service annuity: unauthorised payments

E21A.

(1)

This regulation applies where the repayment of a teacher’s contributions under regulation C11 is not made because of regulation J6C (general prohibition on unauthorised payments) but where the teacher would otherwise be entitled to repayment of contributions.

(2)

A short-service annuity is payable to the teacher from the date specified by the teacher in his or her application which must be no earlier than 6 weeks after the date on which his or her application is made.

(3)

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

(4)

The annual rate of the annuity is the actuarial equivalent of the contributions which would have been repaid.”.