PART 1N.I.MEMBERSHIP, CONTRIBUTIONS AND BENEFITS

BENEFITSN.I.

Election for lump sum instead of pensionN.I.

34.—(1) Subject to paragraph (5), a member entitled to a retirement pension under the Scheme may by written notice given to the Committee before any benefits in relation to the benefit crystallisation event become payable, commute the retirement pension payable, or part thereof, at a rate of £12 for every £1 of annual pension commuted.

(2) But the total amount of the member's commuted sum shall not exceed 25% of the capital value of the member's accrued rights under all local government pension provision in relation to that benefit crystallisation event, [F1including any retirement grant, standard retirement grant, retiring allowance and] any sum received as benefits provided in the form of a lump sum from any AVC arrangement F2....

F3(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) The capital value of a member's accrued rights shall be calculated in accordance with actuarial guidance issued by the Department.

(5) Paragraph (1) does not apply to—

[F4(a)a pension credit where, on the date upon which the pension credit member becomes entitled to the pension credit, the member of the Scheme subject to the corresponding pension debit has an actual (rather than a prospective) right to payment of the retirement pension under the Scheme; or]

(b)any additional pension purchased by the member under regulation 19(7)(b)(i) (additional voluntary contributions).

Textual Amendments

F1Words in reg. 34(2) substituted (with effect in accordance with reg. 1(2) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2016 (S.R. 2016/128), regs. 1(1), 11(a)(i)

F2Words in reg. 34(2) deleted (with effect in accordance with reg. 1(2) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2016 (S.R. 2016/128), regs. 1(1), 11(a)(ii)