C1C2C3C4C5C7C6C8C9C10SCHEDULE 1FURTHER PROVISIONS REPLACING SECTION 36(4) OF THE NATIONAL INSURANCE ACT 1965: INCREASES OF GRADUATED RETIREMENT BENEFIT AND LUMP SUMS

Annotations:
Modifications etc. (not altering text)
C2

Sch. 1 modified (with effect in accordance with art. 1(3)(a), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 2009 (S.I. 2009/497), arts. 1(2)(d), 12(3)

C4

Sch. 1 sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 2011 (S.I. 2011/821), arts. 1(2)(c), 12(3)

C5

Sch. 1 sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 2012 (S.I. 2012/780), arts. 1(2)(c), 12(3)

C7

Sch. 1 sums amended (with effect in accordance with art. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 2013 (S.I. 2013/574), arts. 1(2)(c), 11(3)

C6

Sch. 1 sums amended (with effect in accordance with arts. 1(3), 6 of the amending S.I.) by The Social Security Benefits Up-rating Order 2013 (S.I. 2013/574), arts. 1(2)(c), 11(3)

C8

Sch. 1 sums amended (11.3.2014 for specified purposes and with effect in accordance with arts. 1(2)(c)(l), (3), (4), 6) by The Social Security Benefits Up-rating Order 2014 (S.I. 2014/516), art. 1(2)(c)(l)(3)8(3)

C9

Sch. 1 sums amended (3.3.2015 for specified purposes and with effect in accordance with arts. 1(2)(c)(3)(4), 6) by The Social Security Benefits Up-rating Order 2015 (S.I. 2015/457), art. 1(2)(c)(3)8(3)

C10

Sch. 1 sums amended (with effect in accordance with arts. 1(3) (4) 7 of the amending S.I.) by The Social Security Benefits Up-rating Order 2017 (S.I. 2017/260), arts. 1(2)(c), 12(3)

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

Calculation of lump sum6

1

The lump sum is the accrued amount for the last accrual period beginning during the period of deferment.

2

In this paragraph—

  • “accrued amount” means the amount calculated in accordance with sub-paragraph (3);

  • “accrual period” means any period of seven days beginning with the day of the week on which Category A or Category B retirement pension would have been payable to a person in accordance with regulation 22(3) of, and paragraph 5 of Schedule 6 to, the Social Security (Claims and Payments) Regulations 1987 M1F1or in accordance with regulation 22C(3) or (4) of those Regulations, if his entitlement to a retirement pension had not been deferred, where that day falls within the period of deferment.

3

The accrued amount for an accrual period for a person is—

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4

For the purposes of sub-paragraph (3), any change in the Bank of England base rate is to be treated as taking effect—

a

at the beginning of the accrual period immediately following the accrual period during which the change took effect; or

b

if regulations under paragraph 3B(4) of Schedule 5 so provide, at such other time as may be prescribed in those Regulations.

5

Regulation 3 of the Social Security (Deferral of Retirement Pensions) Regulations 2005 M2 shall have effect for the purposes of this paragraph in like manner to graduated retirement benefit as it does to retirement pension in the calculation of the lump sum under paragraph 3B of Schedule 5.