Limit on total amount of benefitsN.I.
22.—[F1(1) A member and any dependant of his shall not be entitled to receive benefits the capital value of which exceeds his lifetime allowance increased, where applicable, by his primary protection or his enhanced protection except in accordance with guidance issued by the Government Actuary.
(2) In this regulation, “lifetime allowance”, “primary protection” and “enhanced protection” are to be construed in accordance with section 218 of, and Schedule 36 to, the Finance Act 2004.
(3) Any calculation of the capital value of a member’s benefits is to be carried out in accordance with guidance issued by the Government Actuary.
(4) The Committee is responsible for deducting from any payment of benefits under the Scheme any tax to which it may become chargeable under the Finance Act 2004.]
Textual Amendments
F1Regulations revoked in pt. (1.4.2015) by The Local Government Pension Scheme (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/189), regs. 1(1), 2, Sch. 2 (with reg. 3)