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The National Health Service Pension Scheme (Additional Voluntary Contributions) Amendment Regulations 2002
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- 2002 No. 610
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the National Health Service Pension Scheme (Additional Voluntary Contributions) Regulations 2000 (“the AVC Regulations”) which provide for the payment of additional voluntary contributions by persons who are members of the pension scheme constituted by the National Health Service Pension Scheme Regulations 1995 (“the Pension Scheme Regulations”), or by their employers, in order to secure additional benefits financed by investment of those contributions.
Regulation 1 provides for citation, commencement and interpretation.
Regulations 2 to 6 amend the AVC Regulations.
Regulation 3 inserts a new definition into regulation 2 of the AVC Regulations (interpretation).
Regulation 4 amends regulation 6 of the AVC Regulations (circumstances in which elections cease to have effect) to provide that an election shall be treated as not having ceased to have effect in circumstances where a contributor is in receipt of pension benefits under the Pension Scheme Regulations, or where he has left pensionable employment and he wishes to switch his AVC investments or future contributions to another authorised fund.
Regulation 5 substitutes a new regulation 10 of the AVC Regulations (outward transfers) to provide that certain persons making contributions under those Regulations may transfer the value of investments made under those Regulations to another form of pension arrangement, including a free-standing additional voluntary contributions scheme, without having also to transfer the value of their rights held in the NHS pension scheme.
Regulation 6 amends paragraph 13 of Schedule 1 to the AVC Regulations so as to raise the limit for retirement pensions in cases where the member retires after the age of 60 and is entitled to a greater pension because of its postponement.
These Regulations do not impose any costs on business.
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