Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2007

Calculations

11.  In regulation 19 (calculations)—

(a) after paragraph (3) there shall be inserted—

“(3A) A member in respect of whom a benefit crystallisation event occurs after 5th April 2006 may elect in writing to the Committee before any benefits become payable to increase the retirement grant payable under paragraph (3) by commuting his pension, or a part thereof, at a rate of £12 for every £1 of annual pension entitlement surrendered.

(3B) But the total amount of the member’s retirement grant, including any sum received—

(a) in accordance with an election under paragraph (3A);

(b) as benefits provided in the form of a lump sum in accordance with regulation 66 (retirement benefits); or

(c) as additional lump sum benefits in accordance with regulation 68 (elections as to use of accumulated AVCs)

shall not exceed 25% of the capital value of his accrued rights.

(3C) For the purposes of this regulation, a member’s accrued rights include rights accrued in respect of any payments made by him or on his behalf in accordance with Chapter IV of Part III (Additional Voluntary Contributions).

(3D) Any calculation of the capital value of a person’s accrued rights shall be carried out in accordance with guidance issued by the Government Actuary.

(3E) In paragraph (3A), “member” includes a deferred member to whom regulation 4 (deferred members and pensioners: general) of the Local Government Pension Scheme (Amendment No. 2 and Transitional Provisions) Regulations (Northern Ireland) 2002 applies.

(3F) A member may make an election under paragraph (3A) in respect of his pension, or any part thereof, payable by virtue of an election under regulation 68 (elections as to use of accumulated value of AVCs) notwithstanding any provision to the contrary in the former provisions of regulation 68 treated as continuing to have effect under paragraph (8) of that regulation.”;

(b) after paragraph (4) there shall be inserted—

“(4A) Where no benefit crystallisation event has occurred before the day after a member’s 65th birthday in respect of any benefits payable under the Scheme, those benefits shall be increased at such a rate as is shown as appropriate in guidance issued by the Government Actuary.”; and

(c) in paragraph (6) sub-paragraphs (c), (e) and (f) shall be deleted.