Deferred pensioner member accountsE+W
28.—(1) When a pensioner member who has been in receipt of Tier 3 benefits has those benefits discontinued under regulation 37(3) or (7)(c) (special provision in respect of members receiving Tier 3 benefits)—
(a)the member's retirement pension account must be closed, and
(b)a deferred pensioner member account must be opened.
(2) The deferred pensioner member account must specify the amount of accrued pension transferred from the member's retirement pension account.
[F1(2A) The amount of accrued pension referred to in paragraph (2) is not to include—
(a)any final guarantee amount calculated in relation to the member’s discontinued Tier 3 benefits; or
(b)any revaluation adjustment or index rate adjustment that has been applied to the retirement pension account as a consequence of a final guarantee amount calculated in relation to discontinued Tier 3 benefits.]
(3) The amount of accrued pension transferred under paragraph (2) is the opening balance for the following Scheme year and, thereafter, the balance in the account is adjusted each year by the index rate adjustment from the date that an increase would apply if that balance were a pension in payment to which the Pensions (Increase) Act 1971 M1 applied.
(4) The amount in the deferred pensioner member's account may be adjusted by amounts calculated in accordance with actuarial guidance issued by the Secretary of State as a result of a pension sharing order or to account for any tax to which the administering authority may become chargeable under the Finance Act 2004 in accordance with regulation 87 (tax).
Textual Amendments
F1Reg. 28(2A) inserted (1.10.2023) by The Local Government Pension Scheme (Amendment) (No. 3) Regulations 2023 (S.I. 2023/972), regs. 1(2), 3(2)
Marginal Citations