- Latest available (Revised)
- Point in Time (01/04/2015)
- Original (As made)
Point in time view as at 01/04/2015.
There are currently no known outstanding effects for the The Teachers' Pension Scheme Regulations 2014, CHAPTER 3.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
167.—(1) The scheme manager may not pay a member a lump sum under this Chapter unless the member declares in writing that, on payment of the lump sum, paragraph 3A of Schedule 29 to FA 2004 M1 would not apply.
(2) The declaration must be—
(a)signed by the member;
(b)in a form specified by the scheme manager; and
(c)provided by a date determined by the scheme manager.
Marginal Citations
M1Paragraph 3A of Schedule 29 was inserted by section 159 of the Finance Act 2006 (c.25).
168.—(1) The following members may apply to the scheme manager to receive a lump sum in place of part of a pension—
(a)a member who is entitled to payment of a retirement pension;
(b)a pension credit member who is entitled to payment of a pension credit retirement pension.
(2) Paragraph (1)(b) only applies if—
(a)the member's pension credit is derived from rights attributable to the pensionable service of a pension debit member; and
(b)a retirement pension does not become payable to the pension debit member before the day on which a pension-sharing order takes effect in respect of that pensionable service.
(3) An application under this regulation must—
(a)be in writing;
(b)be made when the member applies under regulation 162 for payment of the pension; and
(c)specify—
(i)the amount of the lump sum which the member wishes to receive; or
(ii)the conversion amount.
169. The amount of a lump sum payable to a person (P) under regulation 168 must—
(a)be a multiple of £12; and
(b)not exceed P's permitted maximum.
170.—(1) Paragraph (2) applies for the purpose of calculating the annual rate of pension payable to a member (P) who receives a lump sum under regulation 168.
(2) The conversion amount is—
(3) If a retirement pension converted under regulation 168 ceases to be payable under regulation 97 or 114, the conversion amount for any retirement pension that subsequently becomes payable to P is an amount determined by the scheme manager after consulting the scheme actuary.
171.—(1) This regulation applies to a member (P) who, on the entitlement day for a pension, has a life expectancy of less than a year.
(2) P may apply to the scheme manager to receive a lump sum instead of the pension.
(3) The application must—
(a)be in writing,
(b)be made when P applies under regulation 162 for payment of the pension, and
(c)be accompanied by all the medical evidence necessary for the scheme manager to determine that P is entitled to payment of the lump sum.
(4) If P is eligible to apply under regulation 168 to receive a lump sum under that regulation—
(a)the largest permissible lump sum is to be paid under that regulation; and
(b)the conversion amount under that regulation is to be deducted when calculating the annual rate under regulation 172(2)(a).
(5) In this regulation, “ pension” means—
(a)an age retirement pension and any phased retirement pension payable with it;
(b)an ill-health pension and a total incapacity pension or phased retirement pension payable with it; or
(c)a pension credit retirement pension.
172.—(1) This regulation applies to a member (P) who applies under regulation 171 to receive a lump sum instead of a retirement pension.
(2) The amount of the lump sum payable to P is the total of—
(a)for an age retirement pension, ill-health pension or total incapacity pension, a sum equal to 5 x the annual rate of the retirement pension, and
(b)for a phased retirement pension that is already in payment, a sum equal to (A-B) x the annual rate of the phased retirement pension where—
A is 5, and
B is the period (in years and fractions of a year) from the date on which the phased retirement pension was first paid until the date of the application M2.
Marginal Citations
M2Note: if this period is 5 years or more, no lump sum is payable in respect of the phased retirement pension.
173.—(1) This regulation applies to a member (P) who applies under regulation 171 to receive a lump sum instead of a pension credit retirement pension.
(2) The amount of the lump sum payable to P is an amount equal to 5 times the annual rate of the pension credit retirement pension.
174.—(1) If paragraph (2) applies, the scheme manager may, on the application of a member (P), commute a retirement pension by paying a lump sum to P.
(2) This paragraph applies if—
(a)the lump sum is a trivial commutation lump sum as defined in paragraph 7 of Schedule 29 to FA 2004 or falls within regulation 11 or 12 of the Registered Pension Schemes (Authorised Payments) Regulations 2009 M3;
(b)the application under paragraph (1) is made when P applies under regulation 162 for payment of the retirement pension;
(c)in the 3 years ending with the date of the application, a transfer payment has not been made in respect of P;
(d)in the 5 years ending with the date of the application, a transfer payment has not been accepted in respect of rights accrued by P under another occupational pension scheme; and
(e)a transfer payment otherwise than from another occupational pension scheme has not been accepted in relation to P.
(3) If a lump sum is paid under paragraph (1), benefits are not payable under Part 6 on P's death.
(4) The scheme manager may, on the application of a pension credit member (P), commute a pension credit retirement pension by paying a lump sum to P if—
(a)the lump sum is a trivial commutation lump sum as defined in paragraph 7 of Schedule 29 to FA 2004 or falls within regulation 11 or 12 of the Registered Pension Schemes (Authorised Payments) Regulations 2009; and
(b)the application is made when P applies under regulation 162 for payment of the pension.
(5) The scheme manager may, on the application of a beneficiary to whom a pension is payable under Part 6, commute that pension by paying a lump sum to the beneficiary if—
(a)the application is made when the beneficiary applies under regulation 162 for payment of the pension; and
[F1(b)the lump sum is a trivial commutation lump sum death benefit as defined in paragraph 20 of Schedule 29 to FA 2004.]
(6) A lump sum payable under this regulation is to be determined by the scheme manager after taking advice from the scheme actuary.
Textual Amendments
F1Reg. 174(5)(b) substituted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 14
Marginal Citations
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
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.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: