Words in reg. 34(2) substituted (with effect in accordance with reg. 1(2) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2016 (S.R. 2016/128), regs. 1(1), 11(a)(i)

Words in reg. 34(2) deleted (with effect in accordance with reg. 1(2) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2016 (S.R. 2016/128), regs. 1(1), 11(a)(ii)

Reg. 34(3) repealed (with effect in accordance with reg. 1(2) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2016 (S.R. 2016/128), regs. 1(1), 11(b)

Reg. 34(5)(a) substituted (18.11.2019) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/206), regs. 1(1), 67

http://www.legislation.gov.uk/nisr/2014/188/regulation/34The Local Government Pension Scheme Regulations (Northern Ireland) 2014texttext/xmlenLOCAL GOVERNMENTStatute Law Database2024-06-24Expert Participation2023-04-02These regulations (“the Regulations”) introduce a new local government pension scheme (“the Scheme”) which comes into existence on 1st April 2015 and replaces the local government pension scheme constituted by the Local Government Pension Scheme (Benefits, Membership and Contributions) Regulations (Northern Ireland) 2009 (S.I. 2009/32) and the Local Government Pension Scheme (Administration) Regulations (Northern Ireland) 2009 (S.I. 2008/33) (“the 2009 Scheme”). In contrast to the 2009 Scheme which was a final salary pension scheme in which unreduced benefits were payable to members from the age of 65, the Scheme provides for members to accrue pension on a career average revalued earnings basis and for unreduced benefits to be payable from their state pension age.PART 1MEMBERSHIP, CONTRIBUTIONS AND BENEFITSBENEFITSElection for lump sum instead of pension34.(1)

Subject to paragraph (5), a member entitled to a retirement pension under the Scheme may by written notice given to the Committee before any benefits in relation to the benefit crystallisation event become payable, commute the retirement pension payable, or part thereof, at a rate of £12 for every £1 of annual pension commuted.

(2)

But the total amount of the member's commuted sum shall not exceed 25% of the capital value of the member's accrued rights under all local government pension provision in relation to that benefit crystallisation event, including any retirement grant, standard retirement grant, retiring allowance and any sum received as benefits provided in the form of a lump sum from any AVC arrangement ....

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

The capital value of a member's accrued rights shall be calculated in accordance with actuarial guidance issued by the Department.

(5)

Paragraph (1) does not apply to—

(a)

a pension credit where, on the date upon which the pension credit member becomes entitled to the pension credit, the member of the Scheme subject to the corresponding pension debit has an actual (rather than a prospective) right to payment of the retirement pension under the Scheme; or

(b)

any additional pension purchased by the member under regulation 19(7)(b)(i) (additional voluntary contributions).

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<b>PART 1</b>
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<heading>BENEFITS</heading>
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<heading>Election for lump sum instead of pension</heading>
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<p>Subject to paragraph (5), a member entitled to a retirement pension under the Scheme may by written notice given to the Committee before any benefits in relation to the benefit crystallisation event become payable, commute the retirement pension payable, or part thereof, at a rate of £12 for every £1 of annual pension commuted.</p>
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But the total amount of the member's commuted sum shall not exceed 25% of the capital value of the member's accrued rights under all local government pension provision in relation to that benefit crystallisation event,
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including any retirement grant, standard retirement grant, retiring allowance and
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any sum received as benefits provided in the form of a lump sum from any
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....
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(3)
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<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
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