Search Legislation

Advanced Search

The Local Government Pension Scheme Regulations 2013

Status:

This is the original version (as it was originally made).

Retirement pension accounts : deferred, deferred pensioner and pension credit members

This section has no associated Explanatory Memorandum

26.—(1) When a deferred member becomes entitled to immediate payment of a retirement pension—

(a)the deferred member’s pension account must be closed; and

(b)a retirement pension account must be opened.

(2) The retirement pension account must specify—

(a)the amount of accrued pension;

(b)the amount of any additional pension purchased under regulation 17(7)(b)(i) (additional voluntary contributions);

(c)the early payment reduction or deferred payment enhancement (if any), and the amount of pension to which that reduction or enhancement applies;

(d)the commutation amount (if any);

(e)the amount of any pension adjustment; and

(f)the amount of pension payable from time to time and the date from which it is to be paid.

(3) Subject to paragraph (4), the amount of accrued pension for the purposes of paragraph (2)(a) is the amount specified in that member’s deferred member’s pension account immediately before it was closed.

(4) The amount of accrued pension specified in paragraph (2)(a) must be reduced to take account of the commutation amount.

(5) The amount of any pension adjustment not already accounted for under paragraph (2)(a) is, for the purposes of paragraph (2)(e), the aggregate of the amounts calculated in accordance with actuarial guidance issued by the Secretary of State to account for—

(a)any tax to which the administering authority may become chargeable under the Finance Act 2004 in accordance with regulation 87 (tax); or

(b)a pension sharing order.

(6) The balance in the member’s 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(1) applied.

(7) This regulation applies in relation to a deferred pensioner member who becomes entitled to immediate payment of a retirement pension as it applies to a deferred member with the following modifications—

(a)all references to deferred members are to be read as references to deferred pensioner members; and

(b)in addition to the items mentioned in paragraph (5)(a) and (b), account is also taken of any increase in pension resulting from a decision to award Tier 2 benefits under regulation 37(7)(b) or 37(10) (special provision in respect of members receiving Tier 3 benefits).

(8) This regulation applies in relation to pension credit members who become entitled to immediate payment of a retirement pension as it applies to deferred members with the following modifications—

(a)all references to deferred members are to be read as references to pension credit members; and

(b)the reference to accrued pension in paragraph (2)(a) is to be read as a reference to the amount of pension credit in the pension credit member’s account.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources