Part 1 Principal Amendments of Social Security Contributions and Benefits Act 1992 (c 4)
Pensions Act 2004 (2004 c 35) | Legislation

SCHEDULE 11 Deferral of Retirement Pensions and Shared Additional Pensions

Section 297

Part 1 Principal Amendments of Social Security Contributions and Benefits Act 1992 (c 4)

1

In this Part of this Schedule “the principal Act†means the Social Security Contributions and Benefits Act 1992.

2

Schedule 5 to the principal Act (increase of pension where entitlement is deferred) is amended as follows.

3

For the heading, substitute “PENSION INCREASE OR LUMP SUM WHERE ENTITLEMENT TO RETIREMENT PENSION IS DEFERREDâ€.

4

Before paragraph 1 insert—

“Choice between increase of pension and lump sum where pensioner's entitlement is deferred
A1

(1)     Where a person's entitlement to a Category A or Category B retirement pension is deferred and the period of deferment is at least 12 months, the person shall, on claiming his pension or within a prescribed period after claiming it, elect in the prescribed manner either—

(a)     that paragraph 1 (entitlement to increase of pension) is to apply in relation to the period of deferment, or

(b)     that paragraph 3A (entitlement to lump sum) is to apply in relation to the period of deferment.

(2)     If no election under sub-paragraph (1) is made within

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