The Social Security (Graduated Retirement Benefit) Regulations 2005 No. 454

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

PART 1 E+W+S INCREASE AND LUMP SUM WHERE ENTITLEMENT TO RETIREMENT PENSION IS DEFERRED

Increase where pensioner's entitlement is deferred E+W+S

3.—(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.