Amount of added (all beneficiaries) pension (lump sum payment)N.I.
This section has no associated Explanatory Memorandum
24.—(1) This paragraph applies if an employer or third party opts to pay a lump sum to increase the member’s added (all beneficiaries) pension.
(2) On payment of the lump sum by the employer or third party an amount of added (all beneficiaries) pension is credited to the active member’s account in the relevant scheme year.
(3) The amount credited to the account is an amount determined by the scheme manager, after consultation with the scheme actuary, having regard to the amount of the lump sum payment.
Commencement Information
I1Sch. 1 para. 24 in operation at 18.12.2014, see reg. 1(2)