SECTION 5: BENEFITS IN THE EVENT OF ILL-HEALTH RETIREMENT:
DEATH: RESIGNATION
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Alternative option as to return of contributions before
26 March 1978 (or in the case of a former non industrial scheme member
1 June 1977)
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| 5.17 |
(1) |
Subject to the provisions of this rule, a member who ceases
to be in employment before 26 March 1978 (or, in the case of a former non
industrial scheme member 1 June 1977), in circumstances where he would have
been entitled to a return of contributions under the Former Rules if the
Former Rules had not been superseded in accordance with Rule 1.03, may opt
to be paid in lieu of any other return or refund of contributions or other
benefit under the Scheme (save a benefit under Appendix 7 or a compensation
payment under Appendix 8) a sum equal to a return of basic contributions
under Rule 5.14 together with a refund of any contributions or sums paid
for family benefits by or on behalf of the member, except any share of any
sum paid in respect of back service credit representing the contribution
of the member's former employer.
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(2) |
In paying a sum under paragraph (1) of this Rule, the Authority
may deduct 10 % in respect of tax from any element in such sum representing
periodical deductions from pensionable earnings (and in the case of a former
non industrial scheme member where the refund is paid after 5 April 1973
save periodical deductions for family benefits originally paid before that
date); and may make other deductions in accordance with the Rules, except
under Rules 6.10, 6.12 (in the case of a former non industrial scheme member)
and 6.57.
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(3) |
In the case of a former non industrial scheme member, a member
with more than 5 years' qualifying service, whose pensionable earnings have
at any time exceeded £5,000 per year while he was a member of this
Scheme, shall not be entitled to exercise an option under paragraph (1)
of this Rule.
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Refund of contributions for family
benefits
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| 5.18 |
Except where Rule 5.17 applies, a member who ceases employment
may be entitled to a refund of contributions paid for family benefits, in
accordance with Rules 3.30, 6.11, 6.44(B)(1), 6.58 and 9.14.
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Early retirement
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| 5.19 |
Where a member age 50 or over is willing to retire before normal retirement age the member may, subject to the approval of the employer (and where the employer is not the Authority, subject to the Authority's approval), retire and receive immediate payment of the benefits accrued to the date of leaving employment. The benefits would consist of a pension and lump sum calculated using pensionable final earnings and reckonable service at the agreed last day of service.
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| 5.20 |
With effect from 1 September 2006 the Authority may bring a preserved pension and preserved commencement pension lump sum into payment before normal retirement age where: |
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(a) |
the member is over age 50 (age 55 from 6 April 2010);
and |
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(b) |
the member has left scheme employment; and |
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(c) |
he member has applied in writing for the early payment
of a preserved pension and preserved commencement pension lump sum in such
a form as the Authority from time to time may direct. |
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The amount of any such pension and commencement pension lump sum payable under this rule shall be reduced by such factors as the Authority shall decide, having considered the Actuary’s advice on whether such factors are reasonable to take account of the earlier date before normal retirement date on which the benefit becomes payable. Rule 4.40 shall apply to the benefit payable under this rule. In calculating benefits payable under Rules 6.01 or 6.21 [Spouses benefits and children’s pensions] the application of Rule 5.20 shall be disregarded. |
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