PART 8 N.I.Payment of benefits
CHAPTER 2N.I.Payment of pensions
InterpretationN.I.
163. In this Chapter—
“cessation date” means the last day on which the pension is payable;
“initial payment date”—
for monthly payment of pension, means the first payment date which follows the payable date or, if the payable date falls on the payment date, the payable date;
for quarterly payment of pension, means the third payment date which follows the payable date or, if the payable date falls on the payment date, the second payment date which follows the payable date;
“payable date” means the date on which the pension becomes payable;
“payment date”—
for a survivor's pension, is the 28th day of the month; and
for a retirement pension, is the day before the day of the month on which the person to whom the pension is payable was born; and
where the person was born on the 1st day, it is the last day of the month;
where the person was born on the 30th day, for any month in which there is no 29th day it is the 28th of the month; and
where the person was born on the 31st day, for any month in which there is no 30th day it is the last day of the month; and
“pension” includes an annuity.
Monthly payment of pensionN.I.
164.—(1) A pension is to be paid in accordance with this regulation unless P's application for payment of benefits included a request that the pension be paid quarterly.
(2) The initial payment of the pension is to be made on the initial payment date.
(3) The amount of the initial payment is—
where— AR is the annual rate of pension; DI is the number of days in the period beginning on the payable date and ending on the initial payment date and is 1 where the payable date falls on the initial payment date, and DM is the number of days in the period beginning on the day which falls one month before the day after the initial payment date and ending on the initial payment date.
(4) The amount to be paid on the payment date in each subsequent month until the cessation date is—
where AR is the annual rate of the pension.
(5) If the cessation date does not fall on the payment date, the final payment is to be made on, or as soon as possible after, the cessation date.
(6) The amount of the final payment is—
where— AR is the annual rate of the pension; DF is the number of days in the period beginning on the day immediately following the last payment date before the cessation date and ending on the cessation date, and DM is the number of days in the period beginning on the day immediately following the last payment date before the cessation date and ending on what would have been the next payment date if the pension had not ceased to be payable.
Quarterly payment of pensionN.I.
165.—(1) A pension is to be paid to person (P) in accordance with this regulation if P's application for payment of benefits included a request that the pension be paid quarterly.
(2) The initial payment is to be made on the initial payment date.
(3) The amount of the initial payment is—
where— AR is the annual rate of the pension. DI is the number of days in the period beginning on the payable date and ending on the initial payment date, and DQ is the number of days in the period beginning on the day which falls 3 months before the day after the initial payment date and ending on the initial payment date.
(4) The amount to be paid on the payment date in every third month after the month in which the initial payment date falls is—
where AR is the annual rate of the pension.
(5) If the cessation date does not fall on a payment date under paragraph (4), the final payment is to be made on, or as soon as possible after, the cessation date.
(6) The amount of the final payment is—
where— AR is the annual rate of the pension; DF is the number of days in the period beginning on the day immediately following the last payment date under paragraph (4) and ending on the cessation date, and DQ is the number of days in the period beginning on the day immediately following the last payment date under paragraph (4) and ending on what would have been the next such payment date if the pension had not ceased to be payable.
Apportionment Act 1870 not to applyN.I.
166. The Apportionment Act 1870 M1 being inconsistent with regulations 164 (monthly payment of pension) and 165 (quarterly payment of pension) does not apply to benefits under these Regulations.