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PART IIIOPTIONAL ADDITIONAL BENEFITS

CHAPTER IIIMEMBERS' OPTIONS TO INCREASE PENSIONS

Conversion between lump sums and pensions

Election for pension in lieu of retirement grant

60.—(1) Where a member, or a deferred member immediately before the commencement date, has become entitled to the immediate payment of a pension under Part II or Part D of the 2000 Regulations as the case may be, he may make an election under this regulation for the whole or part of the retirement grant or, in the case where the entitlement to pension is under regulation 29 or regulation D7 of the 2000 Regulations, of the ill-health retirement grant to be used instead by the Scheme to provide pension for him.

(2) The election must be made by notice in writing to the Committee given not more than three months before the date on which the member becomes so entitled.

(3) The election must specify the amount of the grant which the member wishes to be used for the provision of pension.

(4) Where a member makes such an election, he becomes entitled to such additional pension as is shown as appropriate in guidance issued by the Government Actuary.

(5) The additional pension is payable immediately.

(6) Where a member makes such an election, for these Regulations the amount of his pension includes the amount of any additional pension payable under this regulation.

(7) No person who has elected under regulation 61 may also elect under this regulation.

Election for lump sum in lieu of pension

61.—(1) Where –

(a)a Class C member, including a deferred member immediately before the commencement date, has become entitled to the immediate payment of a pension under Part II or Part D of the 2000 Regulations as the case may be; and

(b)the retirement grant to which he is entitled (apart from any election made under this regulation) is less than his permitted maximum,

he may make an election under this regulation for that grant to be increased to his permitted maximum.

(2) The election must be made by notice in writing to the Committee given not more than three months before the date on which the member retires or a deferred member’s pension comes into payment.

(3) Where a member or a deferred member elects under this regulation –

(a)the retirement grant to which he is entitled is increased in accordance with the election; and

(b)the retirement pension to which he is entitled and any other benefits payable to or in respect of him are to be calculated by reference to such reduced period of membership as appears to the Committee to be appropriate by virtue of that increase.

(4) That reduced period must be calculated by the Committee on the advice of an actuary appointed by it.

(5) A member’s or a deferred member’s permitted maximum for this regulation is the maximum lump sum to which he is entitled in accordance with Schedule 4 and (so far as relevant) any restrictions imposed under –

(a)section 8C of the Pension Schemes (Northern Ireland) Act 1993(1) (transfer, commutation etc.);

(b)section 15 of that Act (discharge of liability);

(c)section 17 of that Act (commutation, surrender and forfeiture);

(d)section 73 of that Act (assignment, surrender and commutation of benefit).

(6) No person who has elected under regulation 60 may also elect under this regulation.

(1)

1993 c. 49 Section 8C was inserted by Article 133(5) of the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))