Retirement Savings Accounts Regulations 1997

SCHEDULE 4  

Paragraph 1.07(3A)(b)

PAYMENTS FOR MARKET LINKED PENSIONS

SECTION 7.  

7.    
If, on 1 July in a financial year ( current year ):

(a)    the payment factor that applies to an account balance for a market linked pension is 1.00; and

(b)    the payment factor that applied on 1 July in the previous financial year was not 1.00;

payments made in respect of the current year and the period after (if any) are taken to be determined in accordance with clause 1 if they comply with the following conditions:

(c)    payment of the account balance over one of the following periods:

(i) if the remaining term of the pension is greater than 12 months - that period;

(ii) 12 months;

(d)    if payments are made in accordance with paragraph (c) - the provider has no obligation to make any other payment that, but for this clause, would have been determined on 1 July in the subsequent financial year.