Chwilio Deddfwriaeth

Local Government Pension Scheme Regulations (Northern Ireland) 2002

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Pa Fersiwn

  • Y Diweddaraf sydd Ar Gael (Diwygiedig)
  • Gwreiddiol (a wnaed Fel)

Statws

Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol). Dim ond ar ei ffurf wreiddiol y mae’r eitem hon o ddeddfwriaeth ar gael ar hyn o bryd.

5.—(1) Subject to sub-paragraph (3), the aggregate benefit payable by way of a retirement grant for a Class B member on retirement at or before his normal retirement date must not exceed the lesser of –

(a)three times the initial pension paid to the member under Part II and Part III, excluding Chapter IV of Part III; and

(b)one and a half times the member’s final remuneration less the value of any retained benefits in lump sum form.

(2) Subject to sub-paragraph (3), the aggregate benefit payable by way of a retirement grant on retirement at his normal retirement date for a Class C member must not exceed the lesser of –

(a)if the member has less than 20 years service, his final remuneration multiplied by the fraction set out in the table below –

Years of service to normal retirement date80ths of final remuneration
1 to 83 for each year
930
1036
1142
1248
1354
1463
1572
1681
1790
1899
19108; and

(b)one and a half times the member’s final remuneration less the value of any retained rights in lump sum form.

(3) If it results in a higher sum than the maximum under sub-paragraph (1) or (2), the maximum aggregate retirement grant is three eightieths of the member’s final remuneration multiplied by each year of service or 40 years if less.

(4) But for a retirement grant payable under regulation 29, the limit is the maximum retirement grant payable under sub-paragraph (1), (2) or (3) assuming he continued as an active member until his normal retirement date.

(5) The aggregate benefit payable to a Class C member by way of retirement grant before his normal retirement date is the greater of –

(a)three eightieths of the member’s final remuneration multiplied by his years of service or 40 years if less; and

(b)the maximum lump sum that could have been payable on retirement at his normal retirement date under sub-paragraph (2) multiplied by the fraction of which –

(i)the numerator is the member’s actual period of local government employment prior to leaving the Scheme or 40 years if less, and

(ii)the denominator is his total period of membership assuming he had remained an active member until his normal retirement date or 40 years if less.

  • This amount may be increased in line with any increase in the retail prices index between the relevant date and the date on which the benefit becomes payable.

(6) The aggregate benefit payable to a Class B member or a Class C member by way of a retirement grant on retirement after his normal retirement date must not exceed the greatest of –

(a)the amount payable under sub-paragraph (1), (2) or (3) on the basis that the actual retirement date was the member’s normal retirement date;

(b)the amount that could have been payable under sub-paragraph (1), (2) or (3) on retirement on his normal retirement date together with interest in respect of the period of the delay in payment between that date and the actual date of payment;

(c)three eightieths of the member’s final remuneration multiplied by his increased period of membership.

(7) A member’s increased period of membership is the aggregate of –

(a)his total membership ending with his normal retirement date; and

(b)his total period of membership after his normal retirement date

but must not exceed 45 years.

(8) The benefits payable by way of a lump sum on the death of an active or deferred member must not exceed four times his final remuneration (disregarding the proviso in paragraph 1(9), paragraph 1(10) and paragraph 9(6)) less any lump sum death in service retained rights (other than a refund of the member’s contributions and any interest on such contributions) or, if greater, £5,000.

Yn ôl i’r brig

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