C1

C1

C2C3 Part II Contributory Benefits

Annotations:
Modifications etc. (not altering text)
C2

Pt. 2 modified (E.W.S.) (11.11.1999 for specified purposes, 1.12.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), ss. 49, 89(5)(a); S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV

C3

Pt. 2: power to modify conferred (11.11.1999) by Welfare Reform and Pensions Act 1999 (c. 30), ss. 52(1)(2)(6)(h), 89(4)(a) (with s. 52(7))

F2Shared additional pension

Annotations:
Amendments (Textual)
F2

Ss. 55A-55C inserted (11.11.1999 for specified purposes, 1.12.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(5)(a), Sch. 6 para. 3; S.I. 2000/1047, art. 2(2)(d), Sch. Pt. IV

C455AShared additional pension.

1

A person shall be entitled to a shared additional pension if he is—

a

over pensionable age, and

b

entitled to a state scheme pension credit.

2

A person’s entitlement to a shared additional pension shall continue throughout his life.

3

The weekly rate of a shared additional pension shall be the appropriate weekly amount, unless the pensioner’s entitlement to the state scheme pension credit arose before the final relevant year, in which case it shall be that amount multiplied by the relevant revaluation percentage.

4

The appropriate weekly amount for the purposes of subsection (3) above is the weekly rate, expressed in terms of the valuation day, at which the cash equivalent, on that day, of the pensioner’s entitlement, or prospective entitlement, to the shared additional pension is equal to the state scheme pension credit.

5

The relevant revaluation percentage for the purposes of that subsection is the percentage specified, in relation to earnings factors for the tax year in which the entitlement to the state scheme pension credit arose, by the last order under section 148 of the Administration Act to come into force before the end of the final relevant year.

F16

The Secretary of State may by regulations make provision about the calculation and verification of cash equivalents for the purposes of this section.

6A

The power conferred by subsection (6) above includes power to provide—

a

for calculation or verification in such manner as may be approved by or on behalf of the Government Actuary, and

b

for things done under the regulations to be required to be done in accordance with guidance from time to time prepared by a person prescribed by the regulations.

7

In this section—

  • “final relevant year” means the tax year immediately preceding that in which the pensioner attains pensionable age;

  • “state scheme pension credit” means a credit under section 49(1)(b) of the Welfare Reform and Pensions Act 1999 (credit for the purposes of this Part of this Act);

  • “valuation day” means the day on which the pensioner becomes entitled to the state scheme pension credit.