Reg. 24(4A)(4B) inserted (31.3.2023) by The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(2)(a)

Words in reg. 24(7) substituted (31.3.2023) by The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(2)(b)

Word in reg. 24(8) omitted (31.3.2023) by virtue of The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(2)(c)(i)

Words in reg. 24(8) substituted (31.3.2023) by The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(2)(c)(ii)

Words in reg. 24(8) inserted (31.3.2023) by The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(2)(c)(iii)

Reg. 24(8A) inserted (31.3.2023) by The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279), regs. 1(1), 3(2)(c)(iv)

1971 c. 56.

http://www.legislation.gov.uk/uksi/2013/2356/regulation/24The Local Government Pension Scheme Regulations 2013texttext/xmlenStatute Law DatabasePUBLIC SERVICE PENSIONS, ENGLAND AND WALES2024-05-20Expert Participation2024-05-07These regulations (“the Regulations”) introduce a new local government pension scheme (“the Scheme”) which is to come into existence on 1st April 2014 and replace the local government pension scheme constituted by the Local Government Pension Scheme (Benefits, Membership and Contributions) Regulations 2007 (S.I. 2007/1166) and the Local Government Pension Scheme (Administration) Regulations 2008 (S.I. 2008/239) (“the 2008 Scheme”). In contrast to the 2008 Scheme which was a final salary pension scheme in which unreduced benefits were payable to members from the age of 65, the Scheme provides for members to accrue pension on a career average revalued earnings basis and for unreduced benefits to be payable from their state pension age.PART 1Membership, contributions and benefitsPension accountsDeferred member's pension account and deferred refund account24.(1)

If a member ceases to be an active member and becomes a deferred member in relation to an employment—

(a)

the active member's pension account must be closed; and

(b)

a deferred member's pension account must be opened.

(2)

The deferred member's pension account must specify the opening balance in that account.

(3)

On the day the account is opened, the opening balance is the amount of pension the member has accrued.

(4)

The amount of pension a member has accrued is—

(a)

the opening balance for the member's last active Scheme year; plus

(b)

the amount of earned pension, if any, from the first day of the member's last active Scheme year until the last day of active membership; plus

(c)

any additional pension acquired during that period pursuant to arrangements made under regulation 16(1) or (3) (additional pension contributions); plus, or minus, as the case may be,

(d)

any pension account adjustment applicable during that period.

(4A)

 For the purposes of paragraph (4)(a), where a member’s last day of active membership falls in the period beginning with 6th April and ending with 31st March in any Scheme year, the opening balance includes the revaluation adjustment which was applied on the revaluation date falling within that member’s last active Scheme year.

(4B)

If a member’s last day of active membership falls in the period beginning with 1st April and ending with 5th April in any Scheme year, on the revaluation date falling within the Scheme year during which the member was last active the revaluation adjustment must be applied to the opening balance mentioned at paragraph (4)(a) in accordance with actuarial guidance issued by the Secretary of State.

(5)

Except where regulation 10 (temporary reduction in contributions) applied, the amount of earned pension for the period mentioned in paragraph (4)(b) is 1/49th of the pensionable pay received during that period (irrespective of whether it relates to work carried out in that period).

(6)

Where regulation 10 (temporary reduction in contributions) applied to any of the period mentioned in paragraph (4)(b), the amount of earned pension is 1/98th of the member's pensionable pay received while that regulation applied (irrespective of whether it relates to work carried out in that period).

(7)

The balance in the member's account at the end of the Scheme year in which the member becomes a deferred member is adjusted on the revaluation date in the following Scheme year by the revaluation adjustment applicable to the Scheme year in which the member became a deferred member in accordance with actuarial guidance issued by the Secretary of State.

(8)

The ... balance calculated under paragraph (4) including any adjustment made in accordance with paragraph (4B), is the opening balance for the following Scheme year and having applied the revaluation adjustment to the balance in accordance with paragraph (7) thereafter, subject to paragraph (9), the balance in the account is adjusted each year by the index rate adjustment from the date that an increase would apply if that balance were a pension in payment to which the Pensions (Increase) Act 1971 applied.

(8A)

Where an index rate adjustment is due to be made on a revaluation date, any such adjustment must be made after the revaluation adjustment is made.

(9)

If a deferred member's account is closed before the end of a Scheme year, any pension account adjustment applicable to the account must be made immediately before the date the account is closed.

(10)

Other than to correct an error in a deferred member's pension account, the only pension account adjustment that can arise under this regulation is an adjustment as a consequence of a matter specified in regulation 23(6) (adjustments to active member's pension accounts).

(11)

If a member ceases to be an active member without becoming entitled to any benefits because that member has less than two years qualifying service—

(a)

the active member's pension account must be closed; and

(b)

a deferred refund account must be opened.

(12)

Paragraphs (3) to (10) of this regulation apply to deferred refund accounts as they apply to deferred member pension accounts.

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<ref eId="c0fb9lp45-00007" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/2356/regulation/24/4B">(4B)</ref>
inserted (31.3.2023) by
<ref eId="c0fb9lp45-00008" href="http://www.legislation.gov.uk/id/uksi/2023/279">The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279)</ref>
,
<ref eId="c0fb9lp45-00009" class="subref" href="http://www.legislation.gov.uk/id/uksi/2023/279/regulation/1/1">regs. 1(1)</ref>
,
<ref eId="c0fb9lp45-00010" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2023/279/regulation/3/2/a">3(2)(a)</ref>
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,
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,
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,
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,
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,
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,
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inserted (31.3.2023) by
<ref eId="c0fb9lp45-00053" href="http://www.legislation.gov.uk/id/uksi/2023/279">The Local Government Pension Scheme (Amendment) Regulations 2023 (S.I. 2023/279)</ref>
,
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inserted (31.3.2023) by
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,
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,
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<b>PART 1</b>
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<heading>Membership, contributions and benefits</heading>
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<heading>Pension accounts</heading>
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<heading>Deferred member's pension account and deferred refund account</heading>
<num>24.</num>
<paragraph eId="regulation-24-1">
<num>(1)</num>
<intro>
<p>If a member ceases to be an active member and becomes a deferred member in relation to an employment—</p>
</intro>
<level class="para1" eId="regulation-24-1-a">
<num>(a)</num>
<content>
<p>the active member's pension account must be closed; and</p>
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<p>a deferred member's pension account must be opened.</p>
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<content>
<p>The deferred member's pension account must specify the opening balance in that account.</p>
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<content>
<p>On the day the account is opened, the opening balance is the amount of pension the member has accrued.</p>
</content>
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<intro>
<p>The amount of pension a member has accrued is—</p>
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<num>(a)</num>
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<p>the amount of earned pension, if any, from the first day of the member's last active Scheme year until the last day of active membership; plus</p>
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<content>
<p>any additional pension acquired during that period pursuant to arrangements made under regulation 16(1) or (3) (additional pension contributions); plus, or minus, as the case may be,</p>
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<p>any pension account adjustment applicable during that period.</p>
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<num>
<ins class="first" ukl:ChangeId="key-252bb877cb40582d3025339aabdc0f17-1686583169285" ukl:CommentaryRef="key-252bb877cb40582d3025339aabdc0f17">
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(4A)
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<ins ukl:ChangeId="key-252bb877cb40582d3025339aabdc0f17-1686583169285" ukl:CommentaryRef="key-252bb877cb40582d3025339aabdc0f17">For the purposes of paragraph (4)(a), where a member’s last day of active membership falls in the period beginning with 6th April and ending with 31st March in any Scheme year, the opening balance includes the revaluation adjustment which was applied on the revaluation date falling within that member’s last active Scheme year.</ins>
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<ins ukl:ChangeId="key-252bb877cb40582d3025339aabdc0f17-1686583169285" ukl:CommentaryRef="key-252bb877cb40582d3025339aabdc0f17">(4B)</ins>
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<ins class="last" ukl:ChangeId="key-252bb877cb40582d3025339aabdc0f17-1686583169285" ukl:CommentaryRef="key-252bb877cb40582d3025339aabdc0f17">If a member’s last day of active membership falls in the period beginning with 1st April and ending with 5th April in any Scheme year, on the revaluation date falling within the Scheme year during which the member was last active the revaluation adjustment must be applied to the opening balance mentioned at paragraph (4)(a) in accordance with actuarial guidance issued by the Secretary of State.</ins>
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<p>Except where regulation 10 (temporary reduction in contributions) applied, the amount of earned pension for the period mentioned in paragraph (4)(b) is 1/49th of the pensionable pay received during that period (irrespective of whether it relates to work carried out in that period).</p>
</content>
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<paragraph eId="regulation-24-6">
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<content>
<p>Where regulation 10 (temporary reduction in contributions) applied to any of the period mentioned in paragraph (4)(b), the amount of earned pension is 1/98th of the member's pensionable pay received while that regulation applied (irrespective of whether it relates to work carried out in that period).</p>
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<content>
<p>
The balance in the member's account at the end of the Scheme year in which the member becomes a deferred member is adjusted
<ins class="substitution first last" ukl:ChangeId="key-eaa7f9b7030f4b6cb43f54ac85442e2f-1686583573449" ukl:CommentaryRef="key-eaa7f9b7030f4b6cb43f54ac85442e2f">
<noteRef uk:name="commentary" href="#key-eaa7f9b7030f4b6cb43f54ac85442e2f" class="commentary"/>
on the revaluation date in
</ins>
the following Scheme year by the revaluation adjustment applicable to the Scheme year in which the member became a deferred member in accordance with actuarial guidance issued by the Secretary of State.
</p>
</content>
</paragraph>
<paragraph eId="regulation-24-8">
<num>(8)</num>
<content>
<p>
The
<noteRef href="#key-30dfab562b4bdc42d303d50a3e489564" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
... balance calculated under paragraph
<ins class="substitution first last" ukl:ChangeId="key-90bccdbbb53c468a4253707e864bf6df-1686583642089" ukl:CommentaryRef="key-90bccdbbb53c468a4253707e864bf6df">
<noteRef uk:name="commentary" href="#key-90bccdbbb53c468a4253707e864bf6df" class="commentary"/>
(4) including any adjustment made in accordance with paragraph (4B),
</ins>
is the opening balance for the following Scheme year and
<ins class="first last" ukl:ChangeId="key-4c7e8ad503bb96d1f14878c8e65d4ae3-1686583682939" ukl:CommentaryRef="key-4c7e8ad503bb96d1f14878c8e65d4ae3">
<noteRef uk:name="commentary" href="#key-4c7e8ad503bb96d1f14878c8e65d4ae3" class="commentary"/>
having applied the revaluation adjustment to the balance in accordance with paragraph (7)
</ins>
thereafter, subject to paragraph (9), the balance in the account is adjusted each year by the index rate adjustment from the date that an increase would apply if that balance were a pension in payment to which the Pensions (Increase) Act 1971
<noteRef href="#c21900171" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
applied.
</p>
</content>
</paragraph>
<paragraph eId="regulation-24-8A">
<num>
<ins class="first" ukl:ChangeId="key-b4743dc2f082966af0505cd35e0c3147-1686583191844" ukl:CommentaryRef="key-b4743dc2f082966af0505cd35e0c3147">
<noteRef uk:name="commentary" href="#key-b4743dc2f082966af0505cd35e0c3147" class="commentary"/>
(8A)
</ins>
</num>
<content>
<p>
<ins class="last" ukl:ChangeId="key-b4743dc2f082966af0505cd35e0c3147-1686583191844" ukl:CommentaryRef="key-b4743dc2f082966af0505cd35e0c3147">Where an index rate adjustment is due to be made on a revaluation date, any such adjustment must be made after the revaluation adjustment is made.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-24-9">
<num>(9)</num>
<content>
<p>If a deferred member's account is closed before the end of a Scheme year, any pension account adjustment applicable to the account must be made immediately before the date the account is closed.</p>
</content>
</paragraph>
<paragraph eId="regulation-24-10">
<num>(10)</num>
<content>
<p>Other than to correct an error in a deferred member's pension account, the only pension account adjustment that can arise under this regulation is an adjustment as a consequence of a matter specified in regulation 23(6) (adjustments to active member's pension accounts).</p>
</content>
</paragraph>
<paragraph eId="regulation-24-11">
<num>(11)</num>
<intro>
<p>If a member ceases to be an active member without becoming entitled to any benefits because that member has less than two years qualifying service—</p>
</intro>
<level class="para1" eId="regulation-24-11-a">
<num>(a)</num>
<content>
<p>the active member's pension account must be closed; and</p>
</content>
</level>
<level class="para1" eId="regulation-24-11-b">
<num>(b)</num>
<content>
<p>a deferred refund account must be opened.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-24-12">
<num>(12)</num>
<content>
<p>Paragraphs (3) to (10) of this regulation apply to deferred refund accounts as they apply to deferred member pension accounts.</p>
</content>
</paragraph>
</hcontainer>
</chapter>
</part>
</body>
</act>
</akomaNtoso>