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Pensions Act 2008

Schedule 3: Consolidation of additional pension

253.Paragraph 1 of the inserted Schedule 4C specifies that the consolidation date will be a fixed date, the first day of the Flat Rate Introduction Year, regardless of the date when the person reaches state pension age.

254.Paragraphs 2 and 3 stipulate that a person’s consolidated amount must be calculated before they reach state pension age.

255.Paragraph 4 ensures that the existing appeals process under Chapter 2 of Part 1 of the Social Security Act 1998 is applied to the consolidated amount.

256.Paragraph 5 defines the consolidated amount as the sum of the person’s GRB and Additional Pension accruals.

257.Paragraphs 6 to 8 specify that GRB and Additional Pension will be calculated using legislation in force at the time consolidation takes place.

258.Paragraph 9 provides that the consolidated amount, including GRB, will be revalued annually by earnings.

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