Continuity of rights within regulation 12(1)
15.—(1) Regulation 14 applies in relation to a right which ceases to have effect under regulation 12(1)(a) as if–
(a)that right arose under a notice which ceases to have effect by virtue of regulation 11(1), and
(b)the corresponding provision of the 1998 Regulations were regulation 54,
(but see the following provisions).
(2) If the right arose under regulation D6, D7 or D8 of the 1974 Regulations and immediately before the commencement date the member had the right to make any payments by lump sum payable by instalments, then for regulation 14 the protected rate is the rate at which he was paying instalments immediately before the commencement date, expressed as a percentage of his remuneration at that time.
(3) Paragraph (1) does not apply in the case of an election made under regulation C8 of the 1987 Regulations.
(4) Regulation 54(6) of the 1998 Regulations does not apply where regulation 54 applies by virtue of paragraph (1) above, and instead the member’s appropriate administering authority must calculate the amounts of the additional contributions by reference to the preferential rate.
(5) The preferential rate is the rate at which the member was making payments (including payments by instalments of a lump sum) by virtue of regulation C9(2) of the 1987 Regulations immediately before the commencement date, expressed as a percentage of his remuneration at that time.