SCHEDULES
F1P1SCHEDULE 16
Sch. 16: for exercises of power see Index to Government Orders
C1Part I
Schedule 16, Pt. I, modified (28.02.1991) by S.I. 1991/167, regs. 13(2), 21(1), 22(1), 23(2), 25(2), 27(1)
Credits
13
1
If a scheme provides for long service benefit to include supplementary credits, it must provide for such credits to be included in short service benefit, and provide for all credits to be so included, subject to the following sub-paragraphs.
2
Where purchased credits have not been paid for in full at or before termination of pensionable service—
a
if they were to be paid for by a fixed amount, the benefit must include so much of the whole of the credits as bears the same proportion to them as the amount which the member has paid bears to the full amount payable by him;
b
if they were to be paid for otherwise than by a fixed amount, the benefit must include such part of the credits as bears the same proportion to the whole as the period between the time when the first payment became due and the termination of the member’s pensionable service bears to the whole period over which payment was to be made.
3
If the benefit includes bonus credits, or credits for which payment is to be made by deduction from that or another benefit, the credits to be included in the benefit and (where applicable) the amount of the deduction must be computed on the basis of the following assumptions—
a
that the credits accrue in full only to a member remaining in pensionable service until normal pension age;
b
that entitlement to any credit, and also the amount of any relevant deduction, accrues at a uniform rate from the time when the credit was awarded up to the time of his attaining that age.
4
Where any such deduction from benefit as is referred to in sub-paragraph (3) above is a percentage of benefit, the percentage must be the same for short service as for long service benefit.
5
A scheme must comply with any regulations made with respect to the manner in which supplementary credits are to be included in short service benefit, including regulations providing for the avoidance of fractional amounts and otherwise to facilitate computation.
Sch. 16 repealed (N.I.) by S.I. 1975/1503 (N.I. 15), art. 74(2), Sch. 6
Sch. 16 repealed (7.2.1994) by 1993 c. 48, s. 188, Sch. 5 Pt.I (with s. 6(8)); S.I. 1994/86, art. 2