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The Local Government Pension Scheme (Scotland) Amendment (No. 2) Regulations 2006

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11.—(1) Regulation 19 is amended as follows.

(2) After paragraph (3) insert–

“(3A) A member in respect of whom a benefit crystallisation event occurs on or after 1st October 2006 may elect in writing to the appropriate administering authority before any benefits become payable to increase the retirement grant payable under paragraph (3) by commuting his pension, or a part thereof, at a rate of £12 for every £1 of annual pension entitlement surrendered.

(3B) But the total amount of the member’s retirement grant, including any sum received–

(a)in accordance with an election under paragraph (3A);

(b)as benefits provided in the form of a lump sum in accordance with regulation 63; or

(c)as additional lump sum benefits in accordance with regulation 65,

shall not exceed 25% of the capital value of his accrued rights.

(3C) For the purposes of this regulation, a member’s accrued rights include rights accrued in respect of any payments made by or for him in accordance with Chapter IV of Part III (Additional Voluntary Contributions).

(3D) The capital value of a person’s accrued rights shall be calculated as shown in guidance issued by the Government Actuary.

(3E) In paragraph (3A), “member” includes a deferred member to whom regulation 4 of the Local Government Pension Scheme (Transitional Provisions) (Scotland) Regulations 1998(1) (Deferred members and pensioners: general) applies.”.

(3) For paragraph (4A) substitute–

“(4A) Where a benefit crystallisation event has not occurred before the day after a member’s 65th birthday in respect of any benefit payable under the Scheme, that benefit shall be increased at such a rate as is shown as appropriate in guidance issued by the Government Actuary.”.

(4) In paragraph (6) omit sub paragraphs (c), (e) and (f).

(1)

S.I. 1998/364; to which there are amendments not relevant to these Regulations.

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