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Local Government (Superannuation) Regulations (Northern Ireland) 1992

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Regulations J2 to J4, J8 and J14

SCHEDULE 16Calculation of Transfer Values

PART I

1.  The transfer value payable under regulation J2, J3(1) or J14 in respect of any person is an amount equal to—

(1) the aggregate of the sums calculated in accordance with paragraph 2 in respect of his accrued pension, accrued retiring allowance, and if the person is a man, his accrued widow’s pension, less—

(a)a sum (calculated in accordance with paragraph 2) in respect of accrued modification; and

(b)any additional contributory payments remaining unpaid when he ceased to be employed in his local government employment; and

(c)in the case of a person who is entitled or prospectively entitled to a guaranteed minimum pension under these regulations when he ceases to be employed in his local government employment and who has made a request under regulation J2, a sum (calculated in accordance with paragraph 2) in respect of the pensions increase liability on his guaranteed minimum pension; and

(d)in the case of a person in relation to whom, when he ceases to be employed in local government employment—

(i)a contributions equivalent premium is paid under Article 44 of the Pensions Order; and

(ii)a limited revaluation premium is paid under Article 47 of that Order otherwise than by the scheme managers of his approved non-local government scheme; or

(iii)a transfer premium paid under Article 46A(1) of that Order,

  • a sum equal to the amount of the premium or premiums;

together with—

(2) compound interest calculated in accordance with regulation J7 in respect of the period beginning immediately after the date on which the person ceased to be employed in his local government employment and ending with the date on which the transfer value is paid (but no interest is to be included in the transfer value if that period is less than 6 months).

2.—(1) The sums in respect of accrued pension, accrued retiring allowance and accrued modification shall be calculated by multiplying the accrued pension by the pension factor, the accrued retiring allowance by the retiring allowance factor and the accrued modification by the modification factor, such factors being the factors in the appropriate Table in Part II where regulation J14 applies and Part III where regulation J2 or J3(1) applies which are applicable to the person’s age when he ceased to be employed in his local government employment.

(2) The sum in respect of accrued widow’s pension shall be calculated by multiplying the accrued widow’s pension by 2.4 where regulation J14 applies and by 4 where regulation J2 or J3(1) applies.

(3) The sum in respect of the pensions increase liability on a person’s guaranteed minimum pension shall be calculated by multiplying the annual equivalent of his guaranteed minimum in relation to his retirement pension in connection with his local government employment by the pensions increase liability factor in the appropriate Table in Part IV which is applicable in relation to his age when he ceased to be employed in local government employment.

(4) The guaranteed minimum shall be calculated in accordance with Article 37 of the Pensions Order (except that paragraphs (7) and (8) shall be ignored) by reference to the regulations applying in relation to that section, and the orders in force under Article 23 of that Order, when the person ceased to be employed in his local government employment, and the annual equivalent of his guaranteed minimum shall be calculated by multiplying the guaranteed minimum by 52.18.

3.  In this Schedule—

“accrued pension” means the annual retirement pension (however named) to which, having regard to regulations E1(3) and E28(2) and apart from any reduction falling to be made to that pension in connection with a retirement pension under section 28 of the Act of 1975 or corresponding provisions of earlier legislation or graduated retirement benefit under section 35 of the Insurance Act or corresponding provisions of earlier legislation, the person would have become entitled if, on the date when he ceased to be employed in his local government employment—

(1)

he had reached the age of 65; and

(2)
(a)

where the person ceased to be employed in that employment before 31st March 1972, he had completed a sufficient period of service to qualify for the pension and, notwithstanding anything in any enactment—

(i)

for the purpose of calculating the amount of that pension his service had been calculated in accordance with regulation 31 ofthe 1962 regulations; and

(ii)

his entitlement to that pension had been calculated by reference to completed years and completed days;

(b)

where the person ceased to be employed in that employment on or after 31st March 1972, he had been entitled to reckon an aggregate of not less than 5 years' reckonable service and qualifying service; and

(3)

he had completed the payment of any additional contributory payments;

“accrued retiring allowance” means the lump sum retiring allowance (however named) to which the person would have become entitled if, on the date when he ceased to be employed in his local government employment—

(1)

he has reached the age of 65; and

(2)
(a)

where the person ceased to be employed in that employment before 31st March 1972, he had completed a sufficient period of service to qualify for the allowance and, notwithstanding anything in any enactment—

(i)

for the purpose of calculating the amount of that allowance his service had been calculated in accordance with regulation 31 of the 1962 regulations; and

(ii)

his entitlement to that allowance had been calculated by reference to completed years and completed days;

(b)

where the person ceased to be employed in that employment on or after 31st March 1972, he had been entitled to reckon an aggregate of not less than 5 years' reckonable service and qualifying service; and

(3)

he had completed the payment of any additional contributory payments; and

(4)

if the person is a man, he had been married and he and his wife had not been judicially separated;

“accrued widow’s pension” means the annual widow’s long-term pension (however named) which, after any initial period during which it might not have been payable, would have been payable in respect of the person if, on the date when he ceased to be employed in his local government employment—

(1)

he had been married and he and his wife had not been judicially separated; and

(2)

by virtue of his having reached the age of 65, he had been in receipt of a pension equivalent to his accrued pension; and

(3)

he had died;

“accrued modification” means the amount by which the accrued pension would be reduced in connection with the retirement pension under section 28 of the Act of 1975 or corresponding provisions of earlier legislation and graduated retirement benefit under section 35 of the Insurance Act or corresponding provisions of earlier legislation.

PART II

TABLE 1

MEN

AgePension FactorRetiring Allowance FactorModification Factor
Under 203.900.600.20
203.950.600.20
214.000.610.20
224.050.610.25
234.100.610.25
244.100.620.25
254.150.620.30
264.200.630.30
274.250.630.35
284.300.630.35
294.300.640.40
304.350.640.40
314.400.650.45
324.450.660.50
334.450.660.50
344.500.670.55
354.550.670.65
364.600.680.70
374.650.680.80
384.650.680.90
394.700.690.95
404.750.691.05
414.800.701.10
424.850.701.20
434.850.711.30
444.900.721.35
454.950.721.45
465.000.731.50
475.100.741.60
485.200.741.75
495.250.751.90
505.350.752.10
515.450.762.30
525.600.762.55
535.750.772.80
545.900.783.05
556.050.793.35
566.250.803.65
576.500.814.00
586.750.824.30
597.050.844.65
607.450.865.05
617.450.885.45
627.450.915.85
637.450.946.35
647.450.987.05

TABLE 2

WOMEN

AgePension FactorRetiring Allowance FactorModification Factor
Under 205.200.600.40
205.200.600.40
215.250.610.40
225.300.610.45
235.350.610.50
245.400.620.50
255.450.620.55
265.500.630.60
275.550.630.65
285.600.630.65
295.650.640.70
305.700.640.80
315.750.650.85
325.800.660.95
335.850.661.00
345.900.671.10
356.000.671.15
366.100.681.25
376.150.681.30
386.250.681.35
396.300.691.45
406.400.691.55
416.450.701.65
426.550.701.80
436.600.711.95
446.700.722.15
456.800.732.35
466.850.742.55
476.950.752.75
487.000.763.00
497.100.773.25
507.150.783.55
517.250.793.85
527.350.804.15
537.450.814.55
547.600.824.95
557.750.835.40
567.900.845.90
578.100.856.50
588.300.877.20
598.600.898.00

PART III

TABLE 1

MEN

AgePension FactorRetiring Allowance FactorModification Factor
Under 205.000.600.25
205.050.600.25
215.100.610.25
225.150.610.30
235.200.610.30
245.250.620.30
255.300.620.35
265.350.630.40
275.400.630.40
285.450.630.45
295.500.640.50
305.550.640.50
315.600.650.55
325.650.660.60
335.700.660.65
345.750.670.70
355.800.670.80
365.850.680.90
375.900.681.00
385.950.681.10
396.000.691.20
406.050.691.30
416.100.701.40
426.150.701.50
436.200.711.60
446.250.721.70
456.300.721.80
466.400.731.90
476.500.742.00
486.600.742.20
496.700.752.40
506.800.752.60
516.900.762.90
527.100.763.20
537.300.773.50
547.500.783.80
557.700.794.20
568.000.804.60
578.300.815.00
588.600.825.40
599.000.845.80
609.500.866.30
619.500.886.80
629.500.917.40
639.500.948.10
649.500.989.00
659.501.009.50
669.151.009.15
678.801.008.80
688.501.008.50
698.151.008.15
707.801.007.80

TABLE 2

WOMEN

AgePension FactorRetiring Allowance FactorModification Factor
Under 207.000.600.50
207.050.600.50
217.100.610.55
227.150.610.60
237.200.610.65
247.250.620.70
257.350.620.75
267.400.630.80
277.450.630.85
287.500.630.90
297.550.640.95
307.650.641.05
317.700.651.15
327.800.661.25
337.900.661.35
347.950.671.45
358.050.671.55
368.150.681.65
378.250.681.75
388.350.681.85
398.450.691.95
408.550.692.10
418.650.702.25
428.750.702.45
438.850.712.65
448.950.722.90
459.050.733.15
469.150.743.40
479.250.753.70
489.350.764.00
499.450.774.35
509.550.784.75
519.650.795.15
529.800.805.60
539.950.816.10
5410.100.826.65
5510.300.837.25
5610.500.847.95
5710.750.858.75
5811.050.879.65
5911.400.8910.65
6011.750.9111.75
6111.750.9311.75
6211.750.9511.75
6311.750.9711.75
6411.750.9911.75
6511.751.0011.75
6611.401.0011.40
6711.051.0011.05
6810.701.0010.70
6910.351.0010.35
7010.001.0010.00

PART IV

TABLE 1

MEN

AgePensions Increase Liability Factor
Under 201.47
201.50
211.53
221.56
231.59
241.62
251.65
261.68
271.71
281.74
291.78
301.81
311.85
321.88
331.92
341.95
351.99
362.02
372.06
382.10
392.14
402.18
412.22
422.26
432.30
442.34
452.39
462.44
472.48
482.53
492.58
502.62
512.67
522.72
532.78
542.84
552.90
562.97
573.04
583.12
593.20
603.28
613.36
623.44
633.53
643.64
65 and over

TABLE 2

WOMEN

AgePensions Increase Liability Factor
Under 202.20
202.24
212.28
222.32
232.36
242.40
252.45
262.50
272.55
282.60
292.66
302.71
312.77
322.82
332.88
342.93
352.99
363.05
373.11
383.17
393.24
403.31
413.38
423.45
433.52
443.59
453.66
463.74
473.82
483.90
493.98
504.06
514.15
524.24
534.33
544.43
554.53
564.63
574.74
584.85
594.97
60 and over

Regulations J4(2) and J8(5)

PART V

The additional transfer value payable under regulation J3(2) and the transfer value that may be accepted where regulation J8(5) applies is in each case

where—

  • A is the period—

    (a)

    which the person would have been entitled to reckon as reckonable service by virtue of regulation F6(1)(a); or

    (b)

    which would have been taken into account in calculating additional benefits in accordance with regulation F6(12); or

    (c)

    which he would have been entitled to reckon under the war service provisions of the public service scheme,

    as the case may be;

  • B is the figure in column (2) or (3) of the Table appropriate to the person’s age on 1st April 1978 and sex;

  • C is either—

    (a)

    the annual rate of the person’s remuneration at 1st April 1978, ascertained in accordance with the following:

    (i)

    the annual rate of any fluctuating element of his remuneration is to be estimated by reference to an average taken over a representative period;

    (ii)

    the annual rate of any benefit in kind included in his remuneration is to be the estimated annual value of the benefit in kind at the date on which he ceased to be employed;

    (iii)

    if at that date he had no remuneration or his remuneration was reduced because of absence from duty, the annual rate is to be taken to be the annual rate which would have applied if he had not been absent;

    (iv)

    if the annual rate of his remuneration is retrospectively altered as a result of a pay award promulgated by a national joint council or other negotiating body on or before the date on which he ceased to be employed, the annual rate of his remuneration is to be based on the retrospective pay award;

    (v)

    if his remuneration is not calculated by reference to an annual rate but by reference to some other rate, the annual rate is to be derived from the applicable rate at the date on which he ceased to be employed;

    (vi)

    if his previous local government employment was part-time, the annual rate of remuneration of a single comparable whole-time employment is to be used; and

    (vii)

    if the annual rate of his remuneration exceeds £100 it is to be rounded down to the nearest £100; or

    (b)

    if on that date he was entitled to a pension, the amount used as a multiplier in respect of remuneration in calculating the pension, increased by the annual amount (if any) by which an annual pension at a rate equal to that amount of remuneration, and beginning on the same date as the person’s pension, would by 1st April 1978 have been increased under the Pensions (Increase) Act (Northern Ireland) 1971(2); and

  • D is compound interest on (A × B × C), calculated, in the case of an additional transfer value payable under regulation J3(2), in accordance with regulation J7, in respect of the period beginning on 1st April 1978 and ending with the date on which the transfer value or additional transfer value is paid.

TABLE

(1)(2)(3)
Age on 1st April 1978MenWomen
400.10090.1328
410.10180.1344
420.10240.1357
430.10310.1372
440.10380.1389
450.10450.1405
460.10580.1422
470.10730.1437
480.10850.1454
490.10990.1470
500.11110.1487
510.11250.1502
520.11500.1525
530.11760.1548
540.12030.1571
550.12290.1599
560.12670.1628
570.13060.1663
580.13450.1707
590.13970.1759
600.14630.1810
610.14650.1818
620.14690.1825
630.14730.1833
640.14780.1840
650.14800.1844
660.14360.1800
670.13920.1756
680.13550.1713
690.13110.1669
700.12670.1625
710.12300.1575
720.11900.1519
730.11440.1463
740.11060.1406
750.10630.1350
760.10190.1294
770.09810.1238
780.09380.1181
790.09000.1131
800.08540.1088
810.08150.1044
820.07750.1006
830.07350.0969
840.06980.0931
850.06610.0894
860.06230.0856
870.05850.0825
880.05540.0794
890.05250.0769
900.04960.0744
910.04670.0719
920.04400.0694
930.04190.0669
940.03980.0644
950.03770.0625
960.03560.0600
970.03420.0581
980.03210.0556
990.03060.0531
(1)

Article 46A was inserted by the Social Security (Northern Ireland) Order 1985 (S.I. 1985/1209 (N.I. 16)), Schedule 1, paragraph 1 and amended by the Social Security (Northern Ireland) Order 1989 (S.I. 1989/1342 (N.I. 13)) Article 26, Schedule 6

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