- Latest available (Revised)
- Original (As made)
The Local Government Pension Scheme Regulations 2013, Section 23 is up to date with all changes known to be in force on or before 31 August 2024. 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.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
23.—(1) At the beginning of each Scheme year, an active member's pension account in relation to an employment must specify the opening balance for that year.
(2) At the end of each Scheme year—
(a)the balance mentioned in paragraph (1); plus
(b)the amount of earned pension, if any, for the Scheme year; plus
(c)the amount of any additional member pension acquired during the Scheme year pursuant to arrangements made under regulation 16(1) or (3) (additional pension contributions); plus or minus, as the case may be,
(d)the sum resulting from any pension account adjustment during the Scheme year [F1plus],
[F2(e)for any Scheme year beginning with the Scheme year that starts on 1st April 2023, the revaluation adjustment which was applied on the revaluation date falling within that Scheme year,]
must be aggregated F3....
(3) The F4... balance calculated under paragraph (2) becomes the new opening balance for the next Scheme year.
[F5(3A) Each Scheme year, beginning with the Scheme year that starts on 1st April 2023, the revaluation adjustment must be applied to the balance mentioned at paragraph (3) on the revaluation date, in accordance with actuarial guidance issued by the Secretary of State.]
(4) Except where regulation 10 (temporary reduction in contributions) applies, the amount of earned pension for a Scheme year is 1/49th of the member's pensionable pay received in that year (irrespective of whether it relates to work carried out in that year).
(5) Where regulation 10 (temporary reduction in contributions) applies, the amount of earned pension for a Scheme year is 1/98th of the member's pensionable pay received in that year while that regulation applies (irrespective of whether it relates to work carried out during that period).
(6) Other than to correct an error in a pension account, a pension account adjustment can only arise as a consequence of—
(a)an award of additional pension under regulation 31 (award of additional pension);
(b)a transfer value payment being made or received;
(c)a pension debit being made;
(d)a Scheme pays election;
(e)a transfer into the member's pension account from a different account upon aggregation of those accounts; or
(f)an adjustment of the description mentioned in regulation 94 (adjustment of accounts following forfeiture etc).
(7) If an active member's pension account is closed before the end of a Scheme year any pension account adjustment applicable to the account must be made immediately before the date the account is closed, but no revaluation adjustment is to be made to the active member pension account for that Scheme year.
(8) If a member starts to draw benefits under regulation 30(6) (flexible retirement) any pension account adjustment applicable to the active member's pension account must be made immediately before the date on which benefits start to be paid.
(9) Where—
(a)a pension debit as is mentioned in paragraph (6)(c) is made, or
(b)the joint liability amount specified in a notice given in relation to an election as mentioned in paragraph (6)(d) is met by the pension fund,
the appropriate administering authority shall reduce the balance in the member's account to reflect the reduction in the value of the member's rights, calculated in accordance with actuarial guidance issued by the Secretary of State.
(10) Where pensionable pay relating to a period before a member ceased to be an active member is paid after the period of active membership has ended, it is to be treated as if it were received on the day before the active member's account was closed.
Textual Amendments
F1Word in reg. 23(2)(d) inserted (31.3.2023) by The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(1)(a)
F2Reg. 23(2)(e) inserted (31.3.2023) by The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(1)(a)
F3Words in reg. 23(2) omitted (31.3.2023) by virtue of The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(1)(b)
F4Word in reg. 23(3) omitted (31.3.2023) by virtue of The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(1)(c)
F5Reg. 23(3A) inserted (31.3.2023) by The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(1)(c)
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: