The Local Government Pension Scheme (Scotland) Regulations 2018, Section 48 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
48.—(1) No person is entitled under any provision of these Regulations to receive benefits the capital value of which exceed that person's lifetime allowance, except in accordance with actuarial guidance issued by the Scottish Ministers, and any benefits to which a person is entitled are restricted accordingly.
(2) In this regulation “lifetime allowance” is to be construed in accordance with section 218 of and schedule 36 of the Finance Act 2004 M1 and Schedule 6 to the Finance Act 2014 and, where applicable, is to include primary protection, enhanced protection, individual protection or fixed protection within the meaning of those provisions M2.
(3) The capital value of a person's benefits shall be calculated in accordance with actuarial guidance issued by the Scottish Ministers.
Marginal Citations
M12004 c.12; section 218 was amended by the Finance Act 2011 (c.11), schedule 8, paragraph 2, the Finance Act 2013 (c.29), schedule 22, paragraph 6 and the Finance Act 2016 (c.24), section 19. There are numerous amendments to Schedule 36 which are not relevant to these regulations. See, however, amendments made by Part 2 of Schedule 4 to the Finance Act 2016 for individual protection.
M2For definitions, see paragraph 9(5) of schedule 4 of the Finance Act 2016 ( c.24).
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