The Judicial Pensions (Additional Voluntary Contributions) Regulations 1995 (Amendment) Regulations 2017
| Jurisdiction | UK Non-devolved |
| Citation | SI 2017/208 |
2017 No. 208
Pensions
The Judicial Pensions (Additional Voluntary Contributions) Regulations 1995 (Amendment) Regulations 2017
Made 23th February 2017
Laid before Parliament 27th February 2017
Coming into force 1st April 2017
The Lord Chancellor, and, in relation to judicial offices whose jurisdiction is exercised exclusively in relation to Scotland, the Secretary of State, in exercise of the powers conferred by section 33A of the Judicial Pensions Act 19811and section 10 of the Judicial Pensions and Retirement Act 19932and with the consent and concurrence of the Treasury, make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Judicial Pensions (Additional Voluntary Contributions) Regulations 1995 (Amendment) Regulations 2017 and come into force on 1st April 2017.
Amendments to the Judicial Pensions (Additional Voluntary Contributions) Regulations 1995
2. The Judicial Pensions (Additional Voluntary Contributions) Regulations 19953are amended as follows.
Amendment to regulation 1.2 (Interpretation)
3. In regulation 1.2—
(a) before the definition of “additional voluntary contributions” insert—
““accrued benefits” means the total value of A minus B, where—
A is the sum of the realisable value of the investments made by the administrators with the contributions paid by the member, plus any transfer payment accepted in relation to the member under regulation 2.22; and
B is the sum of—
(i) any amount deducted in respect of tax under regulation 2.30;
(ii) the fees or charges of an authorised provider in relation to the investments made by the administrator defrayed in accordance with regulation 2.31; and
(iii) any amount that has already been transferred out of the scheme under regulation 2.28;”;
(b) after the definition of “qualifying judicial office” insert ““qualifying recognised overseas pension scheme” has the meaning given in section 169(2) of the 2004 Act4;”.
Substitution of regulation 2.15 (Maximum contributions)
4. For regulation 2.15 and the heading before it substitute—
“Contributions
2.15.—(1) The member must from time to time, as required by the administrators, instruct the administrators by notice in writing as to the level and form of contributions that the member wishes to make.
(2) A member may contribute to the scheme by way of—
(a)
(a) lump sum payments made from time to time of the same or a different amount;
(b)
(b) regular payments of the same amount; or
(c)
(c) a combination of lump sum and regular payments,
and in any case payment must be made by way of deduction from the member’s salary.
(3) A notice under paragraph (1) must specify—
(a)
(a) in the case of a regular payment, the amount of each regular payment or, if expressed as a percentage of salary, that percentage;
(b)
(b) in the case of a lump sum, the amount of the contribution.
(4) A member’s contributions in any tax year must not exceed the amount which, when aggregated with all contributions to any other registered scheme in the same tax year, brings the member’s total contributions for that tax year up to the maximum amount of relief as calculated under section 190 of the 2004 Act5.”.
Revocation of regulation 2.18 (Manner of making contributions)
5. Omit regulation 2.18.
Amendment to regulation 2.19 (Investment of contributions)
6. In regulation 2.19, for “2.18” substitute “2.15”.
Amendment to regulation 2.20 (Selection of type of investments)
7. In regulation 2.20, for “may” substitute “must”.
Substitution of regulation 2.22 (Transfers in)
8. For regulation 2.226substitute—
“2.22. The following types of transfers in to the scheme may be accepted by the scheme—
(a) a payment representing the cash equivalent of the member’s accrued rights in any other registered scheme, if the administrator of that other registered scheme certifies that the payment will comprise a recognised transfer as defined in section 169 of the 2004 Act;
(b) a payment representing the cash equivalent of the member’s accrued rights in a qualifying recognised overseas pension scheme.”
Substitution of regulation 2.24 (Benefits which may be provided)
9. For regulation 2.24 substitute—
“2.24.—(1) A member is entitled to the benefits attributable to the accrued benefits.
(2) The administrators must provide only benefits authorised by or under Chapter 3 of Part 4 of the 2004 Act.
(3) Where the member wishes, from time to time, to take benefits under this scheme the member must give notice in writing to the administrators.
(4) A notice under paragraph (3) must specify—
(a)
(a) the proportion of the member’s benefits referred to in paragraph (1) to which the notice relates;
(b)
(b) the member’s preference as to the benefits to be provided under paragraph (2) in relation to that proportion; and
(c)
(c) if the member wishes a combination of benefits is to be provided, what proportion of the member’s accrued benefits the member wishes to be allocated to each type of benefit.”
Substitution of regulation 2.28 (Leaving the scheme)
10. For regulation 2.28 substitute—
“2.28.—(1) A member may cease to be a member of the scheme in relation to all or part of the accrued benefits at any time before those benefits are paid under regulation 2.24 by requesting the administrators to (in such a manner as may, subject to Chapters 1 and 2 of Part 4ZA of the Pension Schemes Act 19937or to Chapters 1 and 2 of Part 4ZA of the Pension Schemes (Northern Ireland) Act 19938, be specified by the administrators) take one of the actions in paragraphs (2)(a) to (d).
(2) The actions referred to in paragraph (1) are—
(a)
(a) to transfer all or part of the value of the member’s accrued benefits to any other registered scheme or a qualifying recognised overseas pension scheme in which the member is participating (provided that the other pension scheme is willing and able to accept such a transfer value);
(b)
(b) to use all or part of the member’s accrued benefits to purchase one or more insurance policies of the type described in section 95(2)(c) of the Pension Schemes Act 19939or section 91(2)(c) of the Pension Schemes (Northern Ireland) Act 199310;
(c)
(c) if the member’s service, together with any service whilst a member of a previous employer’s pension scheme from which a transfer value has been paid to this scheme...
To continue reading
Request your trial