PART 4Contributions
CHAPTER 5Additional pension
Effect of part payment of contributions71
1
This regulation applies if—
a
the full amount of contributions payable by a member (M) under an additional pension election is not paid; and
b
neither regulation 69(2) nor 70(2) applies.
2
The amount of accrued additional pension under paragraph 28(3) of Schedule 9 is the appropriate portion of the amount of accrued additional pension if the full amount of contributions had been paid.
3
In the case of an election under regulation 55(3)(b), the amount of accrued additional pension under Part 6 in respect of M is the appropriate proportion of the amount had the full amount of contributions been paid.
4
For the purposes of paragraphs (2) and (3), the appropriate proportion is calculated in accordance with such method as the scheme actuary determines and specifies in guidance given to the scheme manager.
5
In making a determination under paragraph (4), the scheme actuary must have regard to—
a
the proportion that the total contributions paid bears to the full amount of contributions due to be paid under the election for the full contributions payment period; and
b
the requirements of Chapter 1 of Part 4 of the 1993 Act relating to the preservation of benefits under occupational pension schemes.