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The Local Government Pension Scheme Regulations (Northern Ireland) 2014

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Pension credit accounts

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30.—(1) When a person becomes a beneficiary of a pension sharing order, a pension credit account shall be opened.

(2) The pension credit account at the date it is opened shall be credited, from the member’s pension account that is to be debited, with an amount in compliance with the pension sharing order and calculated in accordance with actuarial guidance issued by the Department.

(3) The amount credited under paragraph (2) is the opening balance for the following Scheme year and, thereafter, the balance in the pension credit account each year is adjusted by the index rate adjustment from the date that an increase would apply if that balance were a pension in payment to which the 1971 Act applied.

(4) The amount in a pension credit account may be adjusted by amounts calculated in accordance with actuarial guidance issued by the Department as a result of a further pension sharing order.

(5) The pension credit account shall be debited by the amount calculated in accordance with actuarial guidance issued by the Department to account for any tax to which the Committee may become chargeable under the 2004 Finance Act in accordance with regulation 97 (tax).

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