PART VDISCRETIONARY COMPENSATION FOR PREMATURE RETIREMENT
Allocation of part of annual compensation13
1
This regulation applies to a credited teacher who—
a
has under regulation E11 of the Superannuation Regulations allocated the largest permissible part of his retirement pension, and
b
has, within one month after being given notification under regulation 24 of the rate of his annual compensation payable under regulation 12, given written notice to the compensating authority that he wishes this regulation to apply to him.
2
A person to whom this regulation applies may, by delivering a declaration to the compensating authority, allocate part of his annual compensation payable under regulation 12 to the provision of an alternative benefit of either of the kinds described in regulation E11(2) of the Superannuation Regulations.
3
The ratio of the part allocated to the rate of the annual compensation payable under regulation 12 must not be higher than the ratio that the part of the retirement pension allocated had to the annual rate of the retirement pension disregarding any actuarial reduction required by regulation E5(5) of the Superannuation Regulations.
4
For the purposes of paragraph (3) any reduction under Part VI of the annual compensation payable under regulation 12 is to be disregarded.
5
Regulation E11(3) of the Superannuation Regulations and paragraphs 1(1), 2(2), 4 to 6, 7(1) to (3), (5) and (6), and 9 to 11 of Schedule 1129 to those Regulations are to be treated as applying, with any necessary modifications, in relation to the making of allocations under this regulation as they apply in relation to the making of allocations under those Regulations by persons to whom retirement benefits become payable by virtue of regulation E4(7) of those Regulations (premature retirement).
6
The modifications include the substitution—
a
for references to a retirement pension (including references to such pension calculated disregarding any actuarial reduction required by regulation E5(5) of the Superannuation Regulations) of references to annual compensation payable under regulation 12,
b
for references to the Secretary of State of references to the compensating authority, and
c
for the reference in paragraph 10(1) to a retiring employee of a reference to a credited teacher.