- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
13.—(1) This regulation applies where—
(a)an earner in relevant employment is required to complete a period of service (“waiting period”) before joining the scheme, and
(b)if the earner joins the scheme, a specific part of long service benefit will, in the Occupational Pensions Board’s opinion, be attributable to the waiting period.
(2) Where this regulation applies, the preservation requirements are modified so that—
(a)the waiting period is treated as pensionable service,
(b)the earner is treated as a member during that period, and
(c)the part of long service benefit that will, in the Occupational Pensions Board’s opinion, be attributable to the waiting period is treated as accruing at such a rate as to accrue in full over the whole of the waiting period.
(3) This paragraph applies where the rate at which long service benefit is treated as accruing during the waiting period is lower than the rate at which the rest of long service benefit accrues. In such circumstances short service benefit must be computed on the basis of uniform accrual (in accordance with paragraph 11 of Schedule 16) except that the scheme may provide for short service benefit to be computed on the same basis as long service benefit (in accordance with paragraph 10(1) of Schedule 16) where the Occupational Pensions Board consider it is reasonable to do so.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: