The Teachers’ Superannuation (Amendment) Regulations 1997

Actuarial reduction of lump sum on early retirement

8.  In regulation E6 (amount of retirement lump sum)—

(a) in paragraph (1) for “paragraph (2)” there shall be substituted “paragraphs (2) and (3)”; and

(b) there shall be added at the end new paragraphs as follows—

“(3) Where this paragraph applies the amount of a person’s retirement lump sum shall be the amount calculated in accordance with the foregoing provisions of this regulation of the lump sum to which he would be entitled apart from this paragraph multiplied by the appropriate factor.

(4) (a) Subject to sub-paragraph (b), paragraph (3) applies in Case F, as described in regulation E4(7), where a person has ceased to be in employment as there described on or after 1st September 1997.

(b) Paragraph (3) shall not apply where notice to terminate the person’s employment was given or his resignation was tendered on or before 22nd October 1996(1).

(5) For the avoidance of doubt, in regulations E7 and E8 references to “retirement benefits” and “retirement lump sum” are references to such benefits as calculated before any actuarial reduction required by paragraph (3).”.

(1)

This is the date on which the Secretary of State began her consultation on the proposals now enacted in paragraph (3).