Paying for additional service or unreduced retirement lump sum by regular additional contributionsE+W+S
Q6.—(1) A member who wishes to pay for additional service or an unreduced retirement lump sum by regular additional contributions must elect to do so before reaching age 63.
(2) Any such regular additional contributions shall be deducted from the members earnings, and paid to the Secretary of State, in like manner as under regulation D1(5) (contributions by members).
(3) Subject to paragraph (4), the member must pay the regular additional contributions from his next birthday following the date on which he elects to buy the additional service or unreduced retirement lump sum until either his 60th or 65th birthday, whichever the member chooses (“the chosen date").
(4) The period for which a member elects to pay regular additional contributions must be at least 2 years.
(5) The regular additional contributions will be calculated as a percentage of the member’s pensionable pay, in accordance with Table 3 of Schedule 1 (if the member is buying additional service) or Table 4 of Schedule 1 (if the member is buying an unreduced retirement lump sum).
(6) The member’s total regular contributions to [this Section of]the scheme [before 1st April 2008], including contributions under regulation D1 may not exceed 15 per cent. of pensionable pay, or any other limit specified for the time being by [HM Revenue and Customs].
[(6A) The member’s total regular additional contributions made on or after 1st April under this regulation may not exceed—
(a)in the case of a member paying contributions of 5 per cent of the member’s pensionable pay under regulation D1 on the member’s birthday immediately following the date of the election referred to in paragraph (3), 10 per cent of pensionable pay;
(b)in the case of a member paying contributions of more than 5 per cent of the member’s pensionable pay under regulation D1 on the birthday referred to in (a), 9 per cent of pensionable pay, or
(c)in any case referred to in (a) or (b) above, any other limit specified for the time being by HM Revenue and Customs.]
(7) Where a person elects to buy additional service in the circumstances described in regulation Q1(9), the cost will be calculated as one–half of the cost calculated in accordance with Table 3 of Schedule 1.
(8) If a member who has elected to pay for additional service or unreduced retirement lump sum by regular additional contributions stops paying the contributions before the chosen date under paragraph (3), regulation Q7 (part payment for additional service or unreduced retirement lump sum) will apply.
Textual Amendments
Modifications etc. (not altering text)