The Social Security (Graduated Retirement Benefit) Regulations 2005
| Jurisdiction | UK Non-devolved |
| Citation | SI 2005/454 |
| Year | 2005 |
(1) These Regulations may be cited as the Social Security (Graduated Retirement Benefit) Regulations 2005 and shall come into force on 6th April 2005.(2) Regulation 4 and paragraphs 3(2) and (3) and 13(2) and (3) of Schedule 1 in so far as they apply to that regulation, shall not have effect in relation to incremental periods beginning before 6th April 2005.(3) In these Regulations—(1) The 1965 Act shall be amended in accordance with the following paragraphs.for subsection (4) , there shall be substituted the following—“ and to Schedule 1 to the 2005 Regulations ” .the word “and” at the end of paragraph 1(a) and paragraph 1(b) ; andparagraphs 2 to 4,periods of deferment (as defined by section 36(4A) of the 1965 Act) ending before 6th April 2005; andincremental periods beginning before that date.Schedule 1 to these Regulations (which makes further provision replacing section 36(4) of the 1965 Act) shall have effect. Schedule 1 shall be modified by Schedule 2 in relation to transitional cases and in this regulation, a “ This Part applies only in respect of a person who is deferring entitlement to graduated retirement benefit by virtue of section 36(4A) (a) of the 1965 Act that paragraph 1 of Schedule 5 (increase of pension) is to apply in relation to the period of deferment, paragraph 3 of this Schedule shall also apply in relation to that period;that paragraph 3A of Schedule 5 (lump sum) is to apply in relation to the period of deferment, paragraph 5 of this Schedule shall also apply in relation to that period.The reference to an election in sub-paragraph (1) includes an election a person is treated as having made under paragraph A1(2) of Schedule 5.entitlement to a Category A or Category B retirement pension is deferred and the period of deferment is less than 12 months; orparagraph 2(1) (a) applies.The rate of the person's graduated retirement benefit shall be increased by an amount equal to the aggregate of the increments to which he is entitled under paragraph 4 but only if that amount is enough to increase the rate of the benefit by at least 1 per cent.A person is entitled to an increment under this paragraph for each complete incremental period in his period of deferment.The amount of the increment for an incremental period shall be ⅕th per cent. of the weekly rate of the graduated retirement benefit to which the person would have been entitled for the period if his entitlement to a Category A or Category B retirement pension had not been deferred.For the purposes of sub-paragraph (2) , the weekly rate of graduated retirement benefit shall be taken to include any increase in the weekly rate of that benefit and the amount of the increment in respect of such an increase shall be ⅕th per cent. of its weekly rate for each incremental period in the period of deferment beginning on the day the increase occurred.Amounts under sub-paragraphs (2) and (3) shall be rounded to the nearest penny, taking any ½p as nearest to the next whole penny.Where an amount under sub-paragraph (2) or (3) would, apart from this sub-paragraph, be a sum less than ½p, the amount shall be taken to be zero, notwithstanding any provision of the Benefits Act, the Administration Act or the Pension Schemes Act 1993 In this paragraph, “incremental period” means any period of six days which are treated by the Social Security (Widow's Benefit and Retirement Pensions) Regulations 1979 as days of increment for the purposes of paragraph 2 of Schedule 5 in relation to the person and pension in question.Where one or more orders have come into force under section 150 of the Administration Act during the period of deferment, the rate for any incremental period shall be determined as if the order or orders had come into force before the beginning of the period of deferment.
- “(4) Where a person's entitlement to graduated retirement benefit is deferred—
- (a) Schedule 2 to the Social Security (Graduated Retirement Benefit) (No.2) Regulations 1978 ; and
- “the 2005 Regulations” means the Social Security (Graduated Retirement Benefit) Regulations 2005 ,
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