SCHEDULE 1FURTHER PROVISIONS REPLACING SECTION 36(4) OF THE NATIONAL INSURANCE ACT 1965: INCREASES OF GRADUATED RETIREMENT BENEFIT AND LUMP SUMS

PART 1INCREASE AND LUMP SUM WHERE ENTITLEMENT TO RETIREMENT PENSION IS DEFERRED

Increase where pensioner's entitlement is deferred3

1

This paragraph applies where—

a

entitlement to a Category A or Category B retirement pension is deferred and the period of deferment is less than 12 months; or

b

paragraph 2(1)(a) applies.

2

The rate of the person's graduated retirement benefit shall be increased by an amount equal to the aggregate of the increments to which he is entitled under paragraph 4 but only if that amount is enough to increase the rate of the benefit by at least 1 per cent.