Added pension option exercisable by memberN.I.
7.—(1) An active member of this scheme may opt to make added pension payments to increase—
(a)the member’s retirement benefits(1)for a period of service; or
(b)the member’s retirement benefits and death benefits payable in respect of the member for a period of service.
(2) A member may exercise the added pension option by notice to the scheme manager in a form required by the scheme manager (“the option notice”).
(3) The option notice must state whether the added pension payments are to be made by—
(a)periodical payments; or
(b)a lump sum payment.
(4) If the whole or part of any lump sum payable to the member under a compensation scheme is to be used as a lump sum payment for added pension the option notice must specify this.
(5) A member may exercise the added pension option more than once but an option to make a lump sum payment for added pension may only be exercised once in any scheme year.
[F1(6) An option to make a lump sum payment for added pension may only be exercised if the member—
(a)either—
(i)has been an active member of this scheme in relation to a continuous period of pensionable service for at least 12 months; or
(ii)is a transition member within the meaning of paragraph 1 of Schedule 2; and
(b)has been provided with a statement of the amount of added pension (if paragraph 18 applies).]
Textual Amendments
F1Sch. 1 para. 7(6) substituted (1.4.2022) by The Public Service (Civil Servants and Others) Pensions (Amendment) (No. 2) Regulations (Northern Ireland) 2022 (S.R. 2022/126), regs. 1(2), 5(1)
Commencement Information
I1Sch. 1 para. 7 in operation at 18.12.2014, see reg. 1(2)
()Added pension which increases the member’s retirement benefits is payable to the member as part of the member’s full retirement pension or partial retirement pension in accordance with the provisions of Part 6 of these Regulations