(This note is not part of the Regulations)
These Regulations amend the Teachers' Superannuation (Additional Voluntary Contributions) (Scotland) Regulations 1995 (“the 1995 Regulations”). The amendments make provision for pension benefits to a former spouse following a pension sharing order or agreement on divorce or nullity of marriage. They have retrospective effect from 1st December 2000 as authorised by section 12 of the Superannuation Act 1972.
Regulation 4 inserts new definitions into the 1995 Regulations.
Regulation 5 amends regulation 11 of the 1995 Regulations to provide that a pension credit member may transfer his pension credits out of the AVC Scheme.
Regulation 7 inserts a new paragraph 13A into the 1995 Regulations to provide that pension sharing is available in the AVC Scheme. The pension credit member’s share of his former spouse’s contributions will be invested by the Scottish Ministers in accordance with the pension credit member’s wishes. A pension for life and one or more dependant’s pensions for life may be provided from the pension policy purchased under the Regulations. The pension will commence not earlier than the date on which the pension credit member reaches the age of 60. If a person dies after a pension sharing order has been made but before the Scottish Ministers have discharged their liability in respect of it then a lump sum equal to the value of that pension credit at the date of his death is paid to his personal representatives. The following paragraphs of regulation 12 apply with modifications: paragraph (4) (no surrender etc), (5) (benefits election), (6) (death within 5 years of pension commencing), (7) (purchase of pension policy), (8) (no benefit election), (9) (death before pension commences etc), (10) (commutation for serious ill-health), and (11) (commutation for triviality).