Regulation 15 Annual allowance chargeI1

England and Wales

(1)

This regulation applies to a person (P) who—

(a)

is a member of the old scheme whether by virtue of pensionable service for that scheme or deemed transfer scheme service under paragraph 2 of Schedule 7 to the 2013 Act (final salary link);

(b)

is a member of the new scheme by virtue of pensionable service for the new scheme; and

(c)

becomes entitled to payment of an ill-health pension under regulation 110 of the Teachers’ Pension Scheme Regulations 2014.

(2)

Section 234 of the Finance Act 2004^f1 (defined benefits arrangements) is modified in its application to P as specified in paragraph (3).

(3)

When calculating the closing value of P’s rights under the new scheme for the pension input period during which P becomes entitled to payment of the ill-health pension, the element of the ill-health pension that represents pensionable service for the old scheme is not to be counted as being part of the closing value.

Annotations

Commencement

I1: Reg. 15 in force at 1.4.2015, see reg. 1(2)

Footnotes

f1: Section 234 was amended by section 66 of, and paragraphs 1, 10 and 27 of Schedule 17 to, the Finance Act 2011 (c.11).