(1)These regulations may be cited as the Parliamentary Pensions (Amendment) Regulations 2007.
(2)These Regulations come into force on 2nd March 2007.
(3)Paragraph (4) and regulations 2 to 4 have effect from 6th April 2006.
(4)In these regulations “the Principal Regulations” means the Parliamentary Pensions (Consolidation and Amendment) Regulations 1993.
2Commutation for Members and office holders reaching 75 after 5th April 2006#
The Principal Regulations are amended by inserting after regulation C5A –“1 This regulation applies to any person whose 75th birthday falls after 5th April 2006 and who immediately before the relevant date –a is a participating Member or a participating office holder, andb would be entitled to receive a pension under regulation F1 or F3 if he had ceased to be a participant, a Member of the House of Commons and an office holder.2 The person may opt under this regulation not to remain a participant in the principal scheme on and after the relevant date.3 The option must be exercised by notice in writing given to the Trustees at least six months before the relevant date or on such later date before he reaches the age of 75 as the Trustees allow.4 A person who exercises the option under this regulation –a ceases to be a participant on the relevant date,b is treated for the purposes of these Regulations (except regulation F8) as if he ceased to be a Member of the Commons and an office holder on the relevant date (and accordingly is entitled under regulations F1 and F3 to receive the pension to which he would be entitled if he had so ceased, but subject to regulation F8), andc is treated for the purposes of regulation G1 as having given notice under regulation G1(1) of his desire to commute into a lump sum such part of the pension as is specified in the notice under this regulation.5 In this regulation “the relevant date” in respect of a person is the day before that person’s 75th birthday.”
(2)In regulations M2(4), M2(5)(b), M3(3), M4(4), M5(6), M5A(1)(a), M5A(6) and M7(3) and in the heading of regulation M5A insert “or C5B” after “regulation C5A”.
(3)In regulation M5A(8) for the definition of “the assumed L1 gratuity” substitute –““the assumed L1 gratuity” means the gratuity that the Trustees could have granted the pensioner Member’s personal representatives under regulation L1 if he had died immediately before –a in the case of a pensioner Member who exercised the option under regulation C5A, 5th April 2006, andb in the case of a pensioner Member who exercised the option under regulation C5B, the relevant date (as defined in regulation C5B(5)).”