SECTION 4: AGE RETIREMENT BENEFITS
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Part 2 – Revision of benefits and re-employment
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Pensions increase
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| 4.40 |
The Authority shall from time to time increase the appropriate
benefits under this Scheme in step with increases in the cost of living
to the extent corresponding to and upon like terms and conditions as apply
from time to time in relation to official pensions by virtue of the Pensions
(Increase) Act 1971, Section 25 of the Superannuation Act 1972, the Statutory
Instruments made thereunder, or any statutory modification or re-enactment
thereof for the time being in force or any other legislation which the Authority
determine to be relevant. Rule 4.40 does not apply to benefits arising from
the application of the funds emerging from within the AVC scheme described
in Section 7 or the Shift Pay Pensions Savings Plan described in Section
8.
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Application of Rule 4.40 to the Rules
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| 4.41 |
Throughout the Rules, except where the context otherwise requires,
references to pensions, lump sums and other benefits shall be construed
as references to such benefits before adding of the increases for which
Rule 4.40 provides.
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Re-employment
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| 4.42 |
(1) |
Rules numbered from 4.43 to 4.58 apply to members who are
re-employed after an earlier period of service which ended on or after 1
October 1973 (or 1 June 1972, in the case of a former non industrial scheme
member). In the case of any member whose earlier period of service ended
before 1 October 1973 (or 1 June 1972, in the case of a former non industrial
scheme member) and who is re-employed, Rules numbered from 4.43 to 4.58
shall apply subject to such modifications or adaptations as the Authority
may consider appropriate
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(2) |
Where a person who has:
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(i) |
withdrawn from the Scheme, thereby obtaining a preserved award
of benefit under Rule 5.09, and,
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(ii) |
becomes eligible for Scheme membership on re-employment, he
does not have the option otherwise available under Rule 4.50, 4.51, 4.52,
4.53, 4.54, 4.55 or 4.56, to aggregate the new period of service with earlier
reckonable service. He may instead qualify for a separate award based on
service during any period of re-employment and his pensionable pay at the
end of it.
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