The Pensions Commutation (Amendment) Regulations 1995

Statutory Instruments

1995 No. 2648

PENSIONS

The Pensions Commutation (Amendment) Regulations 1995

Made

21st September 1995

Coming into force

1st December 1995

The Secretary of State, in exercise of the powers conferred by sections 4 and 7 of the Pensions Commutation Act 1871(1), and with the consent of the Treasury, hereby makes the following Regulations:—

1.  These Regulations may be cited as the Pensions Commutation (Amendment) Regulations 1995, and shall come into force on 1st December 1995.

2.  The Pensions Commutation Regulations 1968(2) shall be amended by substituting for the Tables in Parts I and II of the Schedule thereto, the Tables set out respectively in Parts I and II of the Schedule to these Regulations.

Michael Portillo

Secretary of State for Defence

11th September 1995

We consent,

David Willetts

Bowen Wells

Two of the Lords Commissioners of Her Majesty’s Treasury

21st September 1995

SCHEDULE

PART I table for determining the commutation rate for pensions which will become qualified for pensions increase on the pension-holder’s attaining the age of 55

Age next birthday	Rate for unimpaired lives
Rates for impaired lives according to the number of years added to the age of the pension-holder
1 year	2 years	3 years	4 years	5 years	6 years	7 years	8 years	9 years	10 years
20	15.08	14.96	14.85	14.73	14.60	14.47	14.34	14.20	14.06	13.92	13.77
21	15.18	15.07	14.94	14.82	14.69	14.55	14.42	14.27	14.13	13.98	13.83
22	15.29	15.17	15.04	14.91	14.77	14.63	14.49	14.34	14.19	14.03	13.88
23	15.40	15.27	15.14	15.00	14.86	14.72	14.57	14.41	14.25	14.09	13.92
24	15.51	15.37	15.24	15.09	14.95	14.80	14.64	14.48	14.31	14.15	13.97
25	15.62	15.48	15.33	15.19	15.03	14.87	14.71	14.55	14.37	14.20	14.02
26	15.73	15.58	15.43	15.28	15.12	14.95	14.78	14.61	14.43	14.25	14.06
27	15.83	15.68	15.53	15.37	15.20	15.03	14.85	14.67	14.49	14.30	14.11
28	15.94	15.79	15.62	15.46	15.28	15.11	14.92	14.74	14.54	14.35	14.15
29	16.05	15.89	15.72	15.54	15.36	15.18	14.99	14.79	14.60	14.39	14.18
30	16.15	15.98	15.81	15.63	15.44	15.25	15.05	14.85	14.64	14.43	14.21
31	16.26	16.08	15.90	15.71	15.52	15.32	15.11	14.91	14.69	14.47	14.24
32	16.36	16.18	15.99	15.79	15.59	15.38	15.17	14.95	14.73	14.50	14.27
33	16.46	16.27	16.07	15.87	15.66	15.45	15.23	15.00	14.77	14.53	14.29
34	16.55	16.35	16.15	15.94	15.72	15.50	15.27	15.04	14.80	14.56	14.31
35	16.64	16.44	16.23	16.01	15.78	15.55	15.32	15.08	14.83	14.58	14.32
36	16.73	16.51	16.30	16.07	15.84	15.60	15.36	15.11	14.85	14.59	14.32
37	16.81	16.59	16.36	16.13	15.89	15.64	15.39	15.13	14.86	14.59	14.32
38	16.88	16.65	16.42	16.17	15.93	15.67	15.41	15.14	14.87	14.59	14.31
39	16.94	16.71	16.46	16.21	15.96	15.70	15.43	15.15	14.87	14.58	14.29
40	17.00	16.75	16.50	16.25	15.98	15.71	15.43	15.15	14.86	14.56	14.26
41	17.04	16.79	16.53	16.27	15.99	15.71	15.43	15.13	14.83	14.53	14.22
42	17.08	16.82	16.55	16.28	15.99	15.71	15.41	15.11	14.80	14.49	14.17
43	17.10	16.83	16.55	16.27	15.98	15.69	15.38	15.07	14.75	14.43	14.10
44	17.11	16.83	16.54	16.25	15.96	15.65	15.34	15.02	14.69	14.36	14.02
45	17.09	16.81	16.52	16.22	15.91	15.60	15.28	14.95	14.62	14.28	13.93
46	17.07	16.77	16.47	16.16	15.85	15.53	15.20	14.86	14.52	14.17	13.82
47	17.02	16.72	16.41	16.09	15.77	15.44	15.10	14.76	14.41	14.05	13.69
48	16.94	16.63	16.32	15.99	15.66	15.33	14.98	14.63	14.27	13.91	13.54
49	16.85	16.53	16.20	15.87	15.53	15.19	14.84	14.48	14.11	13.74	13.36
50	16.72	16.39	16.06	15.72	15.38	15.02	14.67	14.30	13.93	13.55	13.16
51	16.56	16.23	15.89	15.54	15.19	14.83	14.46	14.09	13.71	13.32	12.93
52	16.36	16.02	15.68	15.32	14.97	14.60	14.22	13.84	13.46	13.07	12.67
53	16.13	15.78	15.43	15.07	14.70	14.33	13.95	13.56	13.17	12.77	12.38
54	15.85	15.49	15.13	14.77	14.39	14.01	13.63	13.24	12.84	12.44	12.04

PART II table for determining the commutation rate in cases other than covered by part i

Age next birthday	Rate	Age next birthday	Rate
20	24.31	55	15.52
21	24.16	56	15.16
22	24.01	57	14.79
23	23.86	58	14.42
24	23.69	59	14.04
25	23.52	60	13.65
26	23.35	61	13.26
27	23.16	62	12.86
28	22.97	63	12.46
29	22.77	64	12.06
30	22.57	65	11.66
31	22.35	66	11.26
32	22.13	67	10.85
33	21.90	68	10.45
34	21.67	69	10.05
35	21.43	70	9.66
36	21.18	71	9.27
37	20.92	72	8.91
38	20.65	73	8.57
39	20.38	74	8.23
40	20.10	75	7.90
41	19.81	76	7.58
42	19.55	77	7.26
43	19.28	78	6.95
44	19.01	79	6.64
45	18.73	80	6.35
46	18.44	81	6.06
47	18.15	82	5.78
48	17.84	83	5.51
49	17.53	84	5.25
50	17.22	85	5.00
51	16.89	86	4.75
52	16.56	87	4.52
53	16.22	88	4.30
54	15.86	89	4.08

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Pensions Commutation Regulations 1968 by substituting in the Schedule to those Regulations new tables giving the rates to be used in calculating the capital sum to be paid in commutation of a pension or a portion of a pension. For the purposes of determining those rates, interest has been reckoned at the rate of 9 per cent. per annum, and an appropriate allowance has been made for increases payable either under the Pensions (Increase) Act 1971 (c. 56) or under a Prerogative Instrument relating to the Armed Forces.

(1)

1871 c. 36. These provisions are subject to section 3 of the Pensions Commutation Act 1882 (c. 44), which provides for the commutation of a portion of a person’s pension. The power to make regulations is vested in the Secretary of State by virtue of section 2(1) of the Pensions Commutation Act 1984 (c. 7).

(2)

S.I. 1968/1163, amended by S.I. 1974/734, 1974/1441, 1977/108, 1978/1257 and 1983/1052.