57.—(1) No person is entitled under any provision of these Regulations to receive benefits the capital value of which exceed that person's lifetime allowance, except in accordance with actuarial guidance issued by the Department, and any benefits to which a person is entitled are reduced accordingly.
[F1(2) In this regulation “lifetime allowance” is to be construed in accordance with section 218 of, and Schedule 36 to, the 2004 Finance Act, and section 44 of, and Schedule 6 to the Finance Act 2014 and, where applicable, is to include primary protection, enhanced protection, fixed protection or individual protection within the meaning of those provisions.]
(3) The capital value of a person's benefits shall be calculated in accordance with actuarial guidance issued by the Department.
Textual Amendments
F1Reg. 57(2) substituted (18.11.2019) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2019 (S.R. 2019/206), regs. 1(1), 72 and also substituted (with effect in accordance with reg. 1(2)(a) of the amending Rule) by The Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2020 (S.R. 2020/77), regs. 1(1), 4