Version Superseded: 01/04/2009
Point in time view as at 01/05/2001. This version of this provision has been superseded.
There are outstanding changes not yet made by the legislation.gov.uk editorial team to The National Health Service Pension Scheme Regulations 1995. Any changes that have already been made by the team appear in the content and are referenced with annotations.
3.—(1) A pension credit member shall be entitled under the scheme to pension credit benefit which shall consist of—
(a)a pension; and
(b)where the member, from whose rights the pension credit member’s pension credit rights are derived, has not received a lump sum on or before the day on which the pension sharing order or provision takes effect, a lump sum.
(2) Subject to paragraph 4, a pension credit member shall be entitled to the payment of the pension credit benefit when he reaches normal benefit age.
(3) Payment of the pension credit benefit to which a pension credit member is entitled shall not be deferred beyond normal benefit age.
(4) A pension payable in accordance with this paragraph shall be payable to the pension credit member for life.
(5) The value of the pension referred to in this paragraph shall be equal to the value of the pension credit rights which have accrued to or in respect of the pension credit member.
(6) The lump sum referred to in this paragraph shall be equal to 3 times the annual rate of the pension.]
Textual Amendments
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