(a) a pension and a lump sum grant; and
(b) a death grant.
(3) But a pension credit member is not entitled to a
lump sum grant if the transferor has been paid a retirement grant before the
valuation date.
(4) The pension at the valuation date shall be
calculated -
(a) by reference to the value of the pension credit member's credit rights calculated in accordance with regulation 10 of the Pension Sharing (Implementation and Discharge of Liability) Regulations 2000, and
(b) in accordance with guidance issued by the Government Actuary.
Aggregation
148. - (1) Pension credit rights
or pension credit benefits may not be aggregated with any other rights or benefits
under the Scheme (including those attributable to a different pension credit).
(2) Where a pension credit member is also an active
member, he may not count any period which may count for any purpose as a period
of membership in connection with his pension credit benefits towards the membership
period required before he is entitled to any benefit which relates to his active
membership.
Death of person entitled to a pension credit before
discharge
149. - (1) Where a person entitled
to a pension credit dies before liability in respect of his pension credit has
been discharged in accordance with regulation 147(1),
such liability shall be discharged by the appropriate administering authority
by the payment of a lump sum.
(2) The lump sum shall be equal to 3 times the annual
rate of the pension that would have been paid to him if on the date of his death
he had become entitled to a pension as a pension credit member, calculated in
accordance with guidance issued by the
Government Actuary.
(3) The appropriate administering authority shall pay
the lump sum to the deceased's personal representatives.
Safeguarded rights
150. - (1) A pension credit member's
safeguarded rights for the purposes of the Scheme and of the Pension Schemes
Act 1993 and regulations made under that Act are such of his rights falling
within section 68A(1) of that Act as represent the safeguarded percentage of
the rights acquired by him in the Scheme by virtue of the pension credit.
(2) The "safeguarded percentage" is the percentage
of the shareable rights by reference to which the amount of the pension credit
is determined which are contracted-out rights.
(3) "Contracted-out rights" has the meaning
given in section 68A(5) of the Pension Schemes Act 1993.
Valuation date
GAD Guidance
151. For the purposes of -
(a) calculating the cash equivalent referred to in section 29(2) of the 1999 Act; and
(b) regulation 147(3) and (4) and regulation 153(1),
the valuation date shall be the first day of the implementation period as
defined in section 34(1) of that Act.