Teachers' Superannuation Regulations (Northern Ireland) 1998

Revaluation of guaranteed minimum in certain cases

H4.—(1) This regulation applies where a person has ceased to be in pensionable employment and has taken a right to a cash equivalent by exercising the option conferred by section 91(1) of the Pensions Act wholly or partly in the way specified in section 91(2)(c) of that Act (purchase of annuity).

(2) Where this regulation applies, to the extent that the person’s guaranteed minimum is otherwise appropriately secured within the meaning of section 15(3) and (4) of the Pensions Act—

(a) for the purposes of section 10 of that Act (earner’s guaranteed minimum) the person’s earnings factors shall be determined by reference to the last order made under Article 23 of the Social Security Pensions (Northern Ireland) Order 1975(1) or Section 130 of the Social Security Administration (Northern Ireland) Act 1992(2) to come into force before the end of the tax year in which his service was terminated and without reference to the last such order to come into force before the end of the final relevant year; and

(b) the weekly equivalent mentioned in section 10(2) of that Act shall be increased in accordance with any additional requirements for the time being prescribed for the purposes of that Act (exclusion from liability to pay a limited revaluation premium).

(3) In this regulation “final relevant year” has the meaning given in section 12(5) of the Pensions Act(3).

(1)

S.I. 1975/1503 (N.I. 15)

(2)

1992 c. 8

(3)

As amended by S.I. 1995/3213 (N.I. 22) Article 147 and Schedule 3 paragraph 21