The Police Pensions Regulations (Northern Ireland) 2015

Amount of added (self only) pension (lump sum payment)

15.—(1) This paragraph applies if a member opts to make a lump sum payment to increase the member’s retirement benefits only.

(2) Following payment of the lump sum by the member, an amount of added (self only) pension is credited to the active member’s account for the relevant scheme year.

(3) The amount credited to the account is—

(a) if the scheme manager has provided a statement of the amount of added pension and the lump sum is received by the scheme manager within one month after the date of the statement, the amount specified in the statement; or

(b) otherwise, an amount determined by the scheme manager in accordance with actuarial tables, having regard to—

(i) the amount of the lump sum;

(ii) the cost as at the relevant day of providing retirement benefits to a person of the member’s age and gender;

(iii) factors relating to the member’s circumstances as at the relevant day; and

(iv) any other factors as at the date of the statement of the amount of added pension to which the scheme actuary considers regard should be had.