The Police Pension Schemes and Additional Voluntary Contributions (Amendment) (England and Wales) Regulations 2018

Amendment of regulation B5A

4.—(1) Regulation B5A (early payment of deferred pension)(1) is amended as follows.

(2) In paragraph (3) for “Unless paragraph (4) applies” substitute “Subject to paragraph (3A)”.

(3) After paragraph (3) insert—

“(3A) All or part of an actuarial reduction may be bought out in accordance with paragraphs (4) to (8).”.

(4) In paragraph (4)(b)—

(a) after “equal to” insert “all or part of”, and

(b) for “paragraphs (5) to (7)” substitute “paragraphs (5) to (8)”.

(5) For paragraphs (6) and (7) substitute—

“(6) If the whole of the compensation lump sum is insufficient to buy out the actuarial reduction, the police pension authority may, in its discretion, pay into the police pension fund an additional amount for the purpose of buying out all or part of the reduction.

(6A) But an additional amount under paragraph (6) is subject to any restriction imposed by regulations made under section 153A of the Small Business, Enterprise and Employment Act 2015 (regulations to restrict public sector exit payments)(2) that applies at the time that the additional amount is to be paid.

(7) Paragraph (7A) applies if the police pension authority—

(a) decides not to pay the additional amount required to buy out all of the actuarial reduction, or

(b) is unable to buy out all of the actuarial reduction because of the restriction referred to in paragraph (6A).

(7A) Where this paragraph applies the regular policeman may pay to the police pension authority a sum equal to all or part of the additional amount that has not been paid by the authority.

(7B) The police pension authority must pay any amount received under paragraph (7A) into the police pension fund.”.

(1)

Regulation B5A was inserted in relation to England and Wales by S.I 2012/3057 and amended by S.I 2013/487.

(2)

2015. c. 26; section 153A was inserted by section 41(1) of the Enterprise Act 2016 (c. 12).