PART 3 THE 85 YEAR RULE

Normal retirement

49.  Regulation 26(3) (normal retirement) shall be deleted.

Other early leavers: deferred retirement benefits and elections for early payment

50.  In regulation 33 (other early leavers: deferred retirement benefits and elections for early payment)—

(a) for paragraph (4) there shall be substituted—

“(4) His retirement pension and grant must be reduced by the amounts shown as appropriate in guidance issued by the Government Actuary (but see paragraphs (5) and (6) and regulation 39(5)) (guaranteed minimum pensions).”; and

(b) for paragraph (7) there shall be substituted—

“(7) If a member does not elect for immediate payment under this regulation, he is entitled to receive a pension and grant without reduction payable from his normal retirement date.”.

Re-employed and rejoining deferred members

51.  In regulation 34(5)(a) (re-employed and rejoining deferred members) for the words “, 31 and 33(4)” there shall be substituted “and 31”.

Payments to increase total membership

52.  For regulation 57(9) (payments to increase total membership) there shall be substituted—

“(9) If a member continues paying additional contributions until his last birthday before his normal retirement date (or if his normal retirement date is his birthday, that date), the whole of the additional period may be counted as part of his total membership.”.

Commencement of pensions

53.  Regulation 94(2)(b) (commencement of pensions) shall be deleted.

Right to count a credited period

54.  In regulation 125 (right to count a credited period)—

(a) in paragraph (4) the words from “or, if earlier” to “years or more” shall be deleted; and

(b) after paragraph (6) there shall be inserted—

“(6A) A credited period arising from a request to accept a transfer value under regulation 124 which is made by a person who was an active member before 1st April 2008 shall be treated as a period of membership before that date.

(6B) A credited period arising from a request to accept a transfer value under regulation 124 which is made by a person who becomes a member after 31st March 2008 shall be treated as a period of membership after that date.”.

Credited periods for transferring members with mis-sold pension rights

55.  In regulation 126(3) after the words “pension period” there shall be inserted “(and regulation 125(6A) does not apply to a transfer value credited under this regulation)”.

Rights as to service not matched by credited period

56.  Regulation 127(2)(b) (rights as to service not matched by credited period) shall be deleted.

Interpretation

57.  In Schedule 1 (interpretation), in the definition of “normal retirement age” for the word “26(3)” there shall be substituted “26(4)”.

PART 4 TRANSITIONAL PROVISIONS

Transitional provisions and savings

58.  The Schedule (transitional provisions and savings) shall have effect.

Right to opt out

59.—(1) Where–

(a) apart from this regulation, these provisions would place any relevant beneficiary in a worse position that he would otherwise be, and

(b) that relevant beneficiary so elects by notice in writing given to the Committee within the period of six months beginning on 1st October 2006,

then the principal Regulations shall have effect in relation to him as if those amendments had never been made.

(2) For the purposes of paragraph (1), a relevant beneficiary is a person to whom any benefit is or may become payable being a benefit payable to or in respect of a person who–

(a) ceased to hold any employment in respect of which he was a member (whether or not he had subsequently recommenced any such employment), or

(b) dies while in such employment,

before 6th April 2006, in respect of amendments made by Parts 2 and 4.

PART 5 GOVERNANCE AND COMMUNICATION POLICY STATEMENTS

Governance policy statement

60.  After regulation 75 (the fund) there shall be inserted—

“Governance policy statement

75A.—(1) The Committee must, after consultation with such persons as it considers appropriate, prepare, maintain and publish a written statement setting out—

(a) whether the Committee delegates its function or part of its function in relation to maintaining a pension fund to a sub-committee or an officer of the Committee; and

(b) if it delegates that function or part of that function to a sub-committee or an officer of the Committee—

(i) the frequency of any sub-committee meetings;

(ii) the terms of reference, structure and operational procedures of the delegation; and

(iii) whether the sub-committee includes representatives of employing authorities or members, and if so, whether those representatives have voting rights.

(2) The first such statement must be published before 1st April 2008.

(3) The statement must be revised and published by the Committee following a material change in their policy on any of the matters referred to in paragraph (1).”.

Communication policy statements

61.  After regulation 108A (annual benefit statements) there shall be inserted—

“Communication policy statements

108B.—(1) The Committee must prepare, maintain and publish a written statement setting out its policy concerning communications with—

(a) members;

(b) representatives of members;

(c) prospective members; and

(d) employing authorities.

(2) In particular, the statement must set out its policy on—

(a) the provision of information and publicity about the Scheme to members, representatives of members and employing authorities;

(b) the format, frequency and method of distributing such information or publicity; and

(c) the promotion of the Scheme to prospective members and their employing authorities.

(3) The first such statement must be published before 1st April 2007.

(4) The statement must be revised and published by the Committee following such material change in their policy on any of the matters referred to in paragraph (2).”.