- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Regulation 2(1)
1. In regulation 2(1)—
(a)insert the following definition at the appropriate place in alphabetical order—
““normal pension age” should be construed in accordance with the 1998 Regulations;”,
(b)in the definition of “dependant” in sub-paragraph (c) after “a nomination under regulation” insert “E22A or”,
(c)omit the definition of “retire”.
2. For regulation 5(4) substitute—
“(4) A person who has continued to pay regular contributions up to his normal pension age, but does not then cease to be in pensionable employment, may elect to pay regular contributions up to his first birthday after he reached the normal pension age to provide for a lump sum death benefit; and, so long as he has not ceased to be in pensionable employment, further elections may be made annually in respect of years commencing on his first birthday after he reached the normal pension age and subsequent birthdays.”.
3. In regulation 6(1)(a) omit “subject to regulation 8(3)”.
4. In regulation 12—
(a)for paragraph (1) substitute—
“(1) In this regulation “the relevant date”, in relation to a contributor or participator, means—
(a)the date on which he attains the age of 55, or
(b)the date on which he becomes entitled to payment of retirement benefits under regulation E4 of the 1998 Regulations,
whichever is the earlier.
(1A) The benefits that may be provided at any time after the relevant date in accordance with this regulation under a pension policy purchased as described in paragraph (7) are a retirement pension, one or more dependants’ pensions or a lump sum which is a pension commencement lump sum for the purposes of Part 1 of Schedule 29 to the 2004 Act(1).”.
(b)in paragraph (2) for “the date of retirement” substitute “the relevant date”,
(c)in paragraph (5) for “Not earlier than one month before retirement, a participator, by giving written notice to the Department, shall” substitute “A participator may, at any time, but not earlier than one month before the relevant date, by giving written notice to the Department”.
(d)for paragraph (6) substitute—
“(6) In the case of a retirement pension, the notice may also specify that, if the participator dies within the period of 5 years beginning when the retirement pension commences, the pension shall continue to be paid during the remainder of that period to such person as the authorised provider or the Department, where he is liable to make payments of the pension pursuant to regulation 16(2), determines.”.
(e)in paragraph (9) for “retirement” in both places that the word occurs substitute “the relevant date”.
5. In regulation 13A(2)—
(a)in paragraph (4) for “the age of 60” substitute “the normal pension age”,
(b)in paragraph (7)(b) for “retirement” substitute “the relevant date”.
6. In regulation 16(3)—
(a)in paragraph (2A) at the beginning insert “Subject to paragraphs (2B) and (2C)”,
(b)after paragraph (2A) insert—
“(2B) The Department may, before paying any lump sum as mentioned in regulation 12(1A) require the person to whom the payment is to be made to provide a declaration as specified in paragraph (2C) by a date determined by the Department.
(2C) The declaration is a declaration, in a form specified by the Department, signed by that person, to the effect that paragraph 3A of Schedule 29 to the 2004 Act(4) does not apply.
(2D) Where no such declaration is received by the Department by the date referred to in paragraph (2B) the Department may treat the election under regulation 12 for a lump sum benefit as of no effect, and may apply the amount of the lump sum to the purchase of a pension policy from the insurance company referred to in regulation 9 to provide such benefits as appear to it to be suitable.”.
Regulation 13A was inserted by regulation 3(1) of and Schedule 4 to S.R. 2001 No. 149
Regulation 16 (2A) was inserted by regulation 12(a) of S.R. 2006 No. 163
Paragraph 3A of Schedule 29 to the Finance Act 2004 was inserted by section 159 of the Finance Act 2006 (c.25)
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
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: