SCHEDULES

C1C2 SCHEDULE 5F1PENSION INCREASE OR LUMP SUM WHERE ENTITLEMENT TO RETIREMENT PENSION IS DEFERRED

Annotations:
Amendments (Textual)
F1

Sch. 5 heading substituted (18.11.2004 for specified purposes, 6.4.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), s. 322(3)(a), Sch. 11 para. 3

Modifications etc. (not altering text)
C2

Sch. 5: sums amended (coming into force in accordance with arts. 1(4)(5), 7 of the amending S.I.) by The Social Security Benefits Up-rating Order 2024 (S.I. 2024/242), arts. 1(3)(c), 4(3)

Increase of pension where pensioner’s entitlement is deferred

C1F22A

1

This paragraph applies where—

a

a person’s entitlement to a Category A or Category B retirement pension is deferred,

b

the pension includes an increase under F3paragraphs 5 to 6A, and

c

the person has made (or is treated as having made) an election under paragraph A1(1)(b) in relation to the period of deferment.

2

The rate of the person’s Category A or Category B retirement pension shall be increased by an amount equal to the aggregate of the increments to which he is entitled under sub-paragraph (3).

3

For each complete incremental period in the person’s period of deferment, the amount of the increment shall be 1/5th per cent. of the weekly rate of the increase to which the person would have been entitled under F3paragraphs 5 to 6A for the period if his entitlement to the Category A or Category B retirement pension had not been deferred.