The Teachers' Superannuation (Miscellaneous Amendments) Regulations (Northern Ireland) 2006

Amendment of the 1996 Regulations

8.  In regulation 12—

(a) in paragraph (1) for “a retirement pension and one or more dependants' pensions” substitute “a retirement pension, one or more dependants' pensions or a lump sum which is a pension commencement lump sum for the purposes of Part 1 of Schedule 29 to the 2004 Act”;

(b) in paragraph (5) omit “and” at the end of sub paragraph (d)(iv), insert “and” at the end of sub paragraph (e) and after sub paragraph (e) insert the following sub paragraph—

“(f) whether a pension commencement lump sum is to be paid and if so, the amount of such sum.”.

(c) for paragraph (7) substitute the following paragraph—

“(7) Subject to paragraphs (9) and (10), upon receipt of an election the Department shall, as soon as is reasonably practicable, realise the investments made under regulation 9(1) or 10(2) and—

(a) out of the amount obtained make any payment of a pension commencement lump sum in accordance with the election, and

(b) apply the balance of the amount obtained to the purchase of a pension policy from an authorised provider chosen by the participator to provide the benefits specified in the election.”.

(d) for paragraph (11) substitute the following paragraph—

“(11) The authorised provider may discharge the liability for payment of the benefits under the pension policy by payment of a lump sum representing their capital value if such a lump sum would be a trivial commutation lump sum as defined in paragraph (7) of Schedule 29 of the 2004 Act.”