The Parliamentary Pensions (Additional Voluntary Contributions Scheme) (Amendment) Regulations 2004

• Citation: S.I. 2004/2417
• Sections: 4

Section 1 Title and commencement

These Regulations may be cited as the Parliamentary Pensions (Additional Voluntary Contributions Scheme) (Amendment) Regulations 2004 and shall come into force on 8th October 2004 but shall have effect from 30th June 1999.

Section 2 Interpretation

In these Regulations—

“the AVC Regulations ” means the Parliamentary Pensions (Additional Voluntary Contributions Scheme) Regulations 1993 ;

and other expressions shall have the same meaning as in the AVC Regulations.

Section 3 Benefits which may be provided

In regulation 7 of the AVC Regulations—

(a) there shall be substituted for paragraph (2)(e)—

(e) a pension payable to the contributor throughout the remainder of his or her lifetime, under which—

(i) payments may be guaranteed to be payable for up to 10 years after the pension commences; or

(ii) payments may be guaranteed to be payable for up to 5 years after the pension commences with any balance in respect of any period between death and the expiry of the period of 5 years being paid in one lump sum on death.

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

(4) In the case of benefits payable at or after a contributor’s retirement, the choice of which of the above types of benefit shall be payable shall be made by the contributor and the benefits must come into payment on any date which is—

(a) not later than whichever is the later of—

(i) the date of the contributor’s 75th birthday, and

(ii) the date on which the contributor’s pension under the principal scheme commences; and

(b) not earlier than the date on which the contributor’s pension under the principal scheme commences.

Section 4 Purchase of pensions

In paragraph (1) of regulation 9 of the AVC Regulations, for “On or before the date of his retirement” there shall be substituted “At least three months before the date on which he would like a pension to come into payment”.