Pensions Bill (HL Bill 61)

(b) in sub-paragraph (4) for the words from “the aggregate of”
10to the end substitute “the accrued amount”, and

(c) for sub-paragraph (5) substitute—

(5) In sub-paragraph (4) “the accrued amount” means an
amount equal to the initial annual rate of the pension to
which the deferred member would have been entitled in
15accordance with the admissible rules had the member
attained normal benefit age on the transfer day.

(5) In paragraph 18—

(a) for sub-paragraph (1)(b) substitute—

(b) the pension was attributable (directly or indirectly)
20to a pension credit to which the deferred member
became entitled under section 29(1)(b) of the
Welfare Reform and Pensions Act 1999., and

(b) in sub-paragraph (3) the references to normal pension age
are to be read as references to normal benefit age.

(6) 25In paragraph 19—

(a) in sub-paragraphs (1) and (2) the references to normal
pension age are to be read as references to normal benefit
age,

(b) in sub-paragraph (4) for the words from “the aggregate of”
30to the end substitute “the accrued amount”,

(c) for sub-paragraph (5) substitute—

(5) In sub-paragraph (4) “the accrued amount” means an
amount equal to the amount of the scheme lump sum to
which the deferred member would have been entitled in
35accordance with the admissible rules had the member
attained normal benefit age on the transfer day., and

(d) omit sub-paragraph (6).

(7) In this paragraph “transfer day” has the meaning given by section
29 of the Welfare Reform and Pensions Act 1999 (creation of
40pension debits and credits).

21A (1) This paragraph applies to a person who—

(a) is a pension credit member of the scheme immediately
before the assessment date, but

(b) has not attained normal benefit age before that date.

(2) 45But it applies only to the extent that the member’s pension credit
rights involve the member being credited by the scheme with
notional pensionable service.

Pensions BillPage 29

(3) Paragraphs 15 to 19 apply to the pension credit member as they
apply to a deferred member who has not attained normal pension
age before the assessment date, subject to the following
modifications.

(4) 5In paragraph 15—

(a) in sub-paragraphs (1) and (2) the references to normal
pension age are to be read as references to normal benefit
age, and

(b) for sub-paragraph (5) substitute—

(5) 10In sub-paragraph (4) “the accrued amount” means an
amount equal to the initial annual rate of the pension to
which the deferred member would have been entitled in
accordance with the admissible rules had the member
attained normal benefit age on the transfer day.

(5) 15In paragraph 16(2)(a) for the words from “day after” to “ended”
substitute “transfer day”.

(6) In paragraph 17(2)(b) the reference to normal pension age is to be
read as a reference to normal benefit age.

(7) In paragraph 18—

(a) 20for sub-paragraph (1)(b) substitute—

(b) the pension was attributable (directly or indirectly)
to a pension credit to which the deferred member
became entitled under section 29(1)(b) of the
Welfare Reform and Pensions Act 1999., and

(b) 25in sub-paragraph (3) the references to normal pension age
are to be read as references to normal benefit age.

(8) In paragraph 19—

(a) in sub-paragraphs (1) and (2) the references to normal
pension age are to be read as references to normal benefit
30age, and

(b) for sub-paragraph (5) substitute—

(5) In sub-paragraph (4) “the accrued amount” means an
amount equal to the amount of the scheme lump sum to
which the deferred member would have been entitled in
35accordance with the admissible rules had the member
attained normal benefit age on the transfer day.

(9) In this paragraph “transfer day” has the meaning given by section
29 of the Welfare Reform and Pensions Act 1999 (creation of
pension debits and credits).

(3) 40In each of the following after “21” insert “or 21A”—

(a) paragraph 25(1) (early payment of compensation),

(b) paragraph 25(3) (as amended by paragraph 12 of Schedule 8 to the
Pensions Act 2008),

(c) in paragraph 25B(4) (terminal illness lump sum) paragraph (b) of the
45definition of “relevant age”, and

(d) paragraph 28(8)(c) (annual increase in periodic compensation).