132. References in this Part to a pension credit member are to that person in relation to his pension credit rights and not in relation to any other rights he may have under the Scheme.
133.—(1) The Committee may discharge its liability in respect of a pension credit in accordance with either sub-paragraph (2) or sub-paragraph (3) of paragraph 1 of Schedule 5 to the 1999 Order.
(2) Where the Committee discharges its liability by conferring pension credit rights on the person entitled to the pension credit, those rights shall be to –
(a)a pension and a lump sum grant; and
(b)a death grant.
(3) A pension credit member is not entitled to a lump sum grant if the transferor has been paid a retirement grant before the valuation date.
(4) The pension at the valuation date shall be calculated –
(a)by reference to the value of the pension credit member’s pension credit rights calculated in accordance with regulation 10 of the Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 2000(1); and
(b)in accordance with guidance issued by the Government Actuary.
134.—(1) Pension credit rights or pension credit benefits may not be aggregated with any other rights or benefits under the Scheme (including those attributable to a different pension credit).
(2) Where a pension credit member is also an active member, he may not count any period which may count for any purpose as a period of membership in connection with his pension credit benefits towards the membership period required before he is entitled to any benefit which relates to his active membership, or in the calculation of that benefit.
135.—(1) Where a person entitled to a pension credit dies before liability in respect of his pension credit has been discharged in accordance with regulation 133(1), such liability shall be discharged by the Committee by the payment of a lump sum.
(2) The lump sum shall be equal to three times the annual rate of the pension that would have been paid to him if on the date of his death he had become entitled to a pension as a pension credit member, calculated in accordance with guidance issued by the Government Actuary.
(3) The Committee shall pay the lump sum to the deceased’s personal representatives.
136.—(1) A pension credit member’s safeguarded rights for the purposes of the Scheme and of the Pension Schemes (Northern Ireland) Act 1993 and regulations made under that Act are such of his rights falling within section 64A(1)(2) of that Act as represent the safeguarded percentage of the rights acquired by him in the Scheme by virtue of the pension credit.
(2) The “safeguarded percentage” is the percentage of the shareable rights by reference to which the amount of the pension credit is determined which are contracted-out rights.
(3) “Contracted-out rights” has the meaning given in section 64A(5) of the Pension Schemes (Northern Ireland) Act 1993.
137. For the purposes of –
(a)calculating the cash equivalent referred to in Article 27(2) of the 1999 Order; and
(b)regulation 133(3) and (4) and regulation 139(1),
the valuation date shall be the first day of the implementation period as defined in Article 31(1) of that Order.
S.R. 2000 No. 145; amended by S.R. 2000 No. 335, regulation 11
Section 64A was inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999