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The Pensions (Northern Ireland) Order 2005
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- Northern Ireland Orders in Council
- 2005 No. 255 (N.I. 1)
- SCHEDULE 6
- Commutation of periodic compensation
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Changes over time for: Commutation of periodic compensation
Alternative versions:
- 01/01/2006- Amendment
- 27/03/2013- Amendment
- 06/04/2017- Amendment
- 31/12/2023- Amendment
- 01/01/2024
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The Pensions (Northern Ireland) Order 2005, Commutation of periodic compensation is up to date with all changes known to be in force on or before 27 December 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.
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Commutation of periodic compensationN.I.
24 .F1—F2F3(1) In prescribed circumstances, a person entitled to periodic compensation under paragraph 5, 8, 11 or 15 may opt to commute for a lump sum a portion of the periodic compensation with effect from the time it [F4commences].N.I.
(2) Except in such circumstances as may be prescribed, the portion commuted under sub-paragraph (1) must not exceed 25% [F5of the periodic compensation at that time] .
F6(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) Where a person opts to commute any part of his periodic compensation under this paragraph, the lump sum payable under sub-paragraph (1) is the actuarial equivalent of the commuted portion of the periodic compensation calculated from tables designated for this purpose by the Board.
(5) The Board must publish in such manner as it considers appropriate the tables designated by it for the purposes of sub-paragraph (4).
(6) Regulations may prescribe the manner in which an option to commute periodic compensation under this paragraph may be exercised.
(7) This paragraph does not apply where—
(a)before the assessment date, the person concerned has received benefits under the scheme rules which were in the form of a lump sum (otherwise than as a result of the commutation of any part of a pension) and were attributable to his own service under the scheme, or
(b)immediately before the assessment date, the person concerned has rights to a lump sum under the admissible rules (otherwise than by commutation of any part of a pension) and those rights are attributable to such service.
(8) The Department may, by order, amend sub-paragraph (2) to substitute a different percentage for the percentage for the time being specified in that sub-paragraph.
F1mod. by SR 2005/130
F2mod. by SR 2005/149
F3mod. by SR 2005/171
F4Word in Sch. 6 para. 24(1) substituted (27.3.2013) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 25; S.R. 2013/83, art. 2(b)(ii)
F5Words in Sch. 6 para. 24(2) inserted (6.4.2017) by Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(1), Sch. 20 para. 4 (with Sch. 20 paras. 9, 11); S.R. 2017/44, art. 5(b)
F6Sch. 6 para. 24(3) omitted (31.12.2023) by virtue of The Pensions (Pension Protection Fund Compensation) (Northern Ireland) Regulations 2023 (S.I. 2023/1312), regs. 1(2), 3(14)
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