PART 13THE FEE-PAID JUDICIAL ADDED YEARS SCHEME
CHAPTER 3F1unretired FPJAYS MEMBERS
Valuation of benefits for F2unretired FPJAYS members112
1
If an F3unretired FPJAYS member (“M”) retires or otherwise leaves the principal scheme on or after reaching the assumed retirement age the administrators must—
a
calculate the amount of added years that M has purchased, by dividing the total contributions made by M under regulation 111(3) by the cost of an added year as determined under regulation 111(1); and
b
notify M of that amount.
2
Any pension credits in the form of added years that have been purchased by or credited to M are to be treated for the purposes of paragraph (3) as if they were years of reckonable service.
3
If the addition of the years of reckonable service mentioned in paragraph (2) would, were they to be years of reckonable service accrued other than by the purchase or credit of pension credits, lead to the payment of additional payments under the principal scheme, then benefits of an equivalent nature to those that would have been so payable under that scheme are to be paid under the FPJAYS instead.
4
If M retires on the ground of ill-health or dies before the assumed retirement age, M must, for the purposes of calculating the benefits payable under paragraph (3), be credited with pension credits equivalent to the number of added years that M intended to purchase notified to the administrators by M under regulation 110(1)(c).
5
Paragraph (4) does not apply during any period where M has ceased making periodic contributions.
6
If M ceases to make periodic contributions M may apply to the administrators to resume making periodic contributions but any such application—
a
must not be accepted if M has reached the assumed retirement age;
b
must not result in M making contributions at a rate that is higher than the rate at which M was contributing before M ceased to pay periodic contributions; and
c
must be accompanied by a declaration signed by M stating that M has no reason to believe that health may prevent continuation of service until the assumed retirement age.
7
If M's application under paragraph (6) is accepted by the administrators, this regulation and regulations 111 and 113 apply separately to those contributions and the value of benefits purchased with them.
8
If an application by M under paragraph (6) to resume making contributions has been accepted and M subsequently—
a
retires on the ground of ill-health or dies within 12 months of the date on which M started to pay periodic contributions again; or
b
dies or retires on the ground of ill-health because of an incapacity to which M became subject within 12 months of that date,
paragraph (4) does not apply unless the administrators are satisfied that the declaration given in accordance with paragraph (6)(c) was made in good faith.
9
If M ceases making periodic contributions before reaching assumed retirement age for reasons other than death or retirement on the ground of ill-health—
a
the administrators must—
i
calculate the amount of added years that M has purchased by the date of cessation, by dividing the total contributions made by M under regulation 111(3) up to the date of cessation by the cost of an added year as determined under regulation 111(1), and
ii
notify M of that amount; and
b
at the date of cessation M must be credited by the administrators with pension credits equivalent to the number of added years M has purchased, as calculated under sub-paragraph (a).
10
For the purposes of this regulation, parts of added years purchased by M must be valued on a pro-rata basis.
Word in Pt. 13 Ch. 3 heading substituted (1.4.2023) by The Judicial Pensions (Fee-Paid Judges) (Amendment) Regulations 2023 (S.I. 2023/403), regs. 1(1), 52(1)