The Local Government Pension Scheme Regulations (Northern Ireland) 2014

Flexible retirement pension accounts N.I.

29.—(1) When an active member is entitled to immediate payment of a retirement pension under regulation 31(6) (retirement benefits, flexible retirement pensions) in relation to an employment—

(a) a flexible retirement pension account shall be opened; and

(b) the balance in the active member's pension account shall be reduced by the amount of accrued pension transferred into the member's flexible retirement pension account.

(2) The flexible retirement pension account shall specify—

(a) the amount of accrued pension transferred from the active member's pension account;

(b) the amount of any additional pension (if any) purchased under regulation 19(7)(b)(i) (additional voluntary contributions);

(c) the early payment reduction or deferred payment enhancement (if any) and the amount of pension to which that reduction or enhancement is to be applied;

(d) the commutation amount (if any);

(e) the amount of any pension adjustment; and

(f) the amount of pension payable from time to time and the date from which it is to be paid.

(3) The amount of accrued pension specified in paragraph (2)(a) shall be reduced to take account of the commutation amount (if any) in (2)(d).

(4) The amount of any pension adjustment not already accounted for under paragraph (2)(a) is, for the purposes of paragraph (2)(e), the aggregate of the amounts calculated in accordance with actuarial guidance issued by the Department to account for an adjustment as a consequence of a matter specified in regulations 25(6) (active member's pension accounts) and 27(5) (retirement pension accounts: active members).

(5) The balance in the member's flexible retirement pension account at the end of the Scheme year in which the member became entitled to the immediate payment of a retirement pension under regulation 31(6) (retirement benefits, flexible retirement pensions), is adjusted [F1 on the revaluation date in] the following Scheme year by the revaluation adjustment applicable to the Scheme year in which the member became entitled to that retirement pension [F2 and takes effect from the start of the Scheme year following the Scheme year in which the member became entitled to that pension], in accordance with actuarial guidance issued by the Department.

[F3 (6) The balance calculated under paragraph (2), is the opening balance for the following Scheme year and, having applied the revaluation adjustment to the balance in accordance with paragraph (5), thereafter, the balance in the account is adjusted each year by the index rate adjustment from the date that an increase would apply if that balance were a pension in payment to which the 1971 Act applied.

(7) Where an index rate adjustment is due to be made on a revaluation date, any such adjustment must be made immediately after the revaluation adjustment is made.]

Textual Amendments

F1 Words in reg. 29(5) substituted (with effect in accordance with reg. 1(2) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2023 (S.R. 2023/81), regs. 1(1), 3(4)(a)(i)

F2 Words in reg. 29(5) inserted (with effect in accordance with reg. 1(2) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2023 (S.R. 2023/81), regs. 1(1), 3(4)(a)(ii)

F3 Reg. 29(6)(7) substituted for reg. 29(6) (with effect in accordance with reg. 1(2) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2023 (S.R. 2023/81), regs. 1(1), 3(4)(b)