PART 2N.I.Transitional provisions

CHAPTER 7N.I.Retirement benefits

Variations to lump sums for 1995 and 2008 pensioners joining the new scheme [F1(other than pensioners who have taken a partial retirement pension)] N.I.

35.—(1) This regulation applies to persons falling in Groups 1 to 4 [F2, 6 [F3,7, 9 and 10]] in the table at paragraph 1 of Schedule 1 and Groups 1 to 4 [F4, 6 and 7] in the table at paragraph 2 of Schedule 1 [F5other than persons who have taken a partial retirement pension.] .

(2) Where this regulation applies, a lump sum equal to five times the rate of the relevant pension is to be paid in place of the lump sum payable to active members under regulation 111(a) and paragraph 2 of Schedule 12 to the 2015 Regulations.

[F6(3) In this regulation—

“partial retirement pension” means a pension under—

(a)

regulation 16A of the 1995 Regulations;

(b)

regulation 49 or 180 of the 2008 Regulations; or

(c)

regulation 83 of the 2015 Regulations; and

“the relevant pension” means where the member has not taken partial retirement from the new scheme pursuant to regulation 83 of the 2015 Regulations, an amount equal to—

(a)

if the member dies before reaching normal pension age in the new scheme, a tier 2 IHP within the meaning of regulation 89(1)(b) of the 2015 Regulations; or

(b)

if the member dies on or after reaching normal pension age in the new scheme, a pension under regulation 72 of the 2015 Regulations.]

Textual Amendments

Commencement Information

I1Reg. 35 in operation at 1.4.2015, see reg. 1(1)