Increase in pensions payable in respect of units
5 Increase in pensions payable in respect of units
This section applies to a prescribed pensioner to whom pension is payable under section forty‑five, subsection (1) of section fifty‑two or subparagraph (ii) of paragraph (c) of subsection (2) of section fifty‑two of the Defence Forces Retirement Benefits Act 1948‑1958.
In this section:
actual unit contribution, in relation to a pensioner to whom this section applies, means the number of units in respect of which pension was payable to the pensioner immediately before the commencing date.
actual unit entitlement, in relation to a pensioner to whom this section applies, means:
the number of units of pension that, immediately before his retirement, was applicable to him under section twenty‑eight of the Defence Forces Retirement Benefits Act 1948, or of that Act as amended and in force at that time; or
his actual unit contribution;
whichever is the greater.
additional unit entitlement, in relation to a pensioner to whom this section applies, means the number of units, if any, by which his adjusted unit entitlement exceeds his actual unit entitlement.
adjusted unit entitlement, in relation to a pensioner to whom this section applies, means such number of units set out in column five of the First Schedule to this Act as is applicable to the pensioner having regard to the description set out in column one, two or three of that Schedule that applied to the pensioner at the date of his retirement.
the prescribed rate:
in relation to a pensioner to whom this section applies and to whom pension is payable under section forty‑five or subsection (1) of section fifty‑two of the Defence Forces Retirement Benefits Act 1948‑1958—means the rate of Thirty‑two pounds ten shillings per annum; and
in relation to a pensioner to whom this section applies and to whom pension is payable under subparagraph (ii) of paragraph (c) of subsection (2) of section fifty‑two of that Act—means the rate of Sixteen pounds five shillings per annum;
or, where the actual unit contribution of the pensioner is less than his actual unit entitlement, such rate as bears to the rate applicable to him under paragraph (a) or (b) of this definition the same proportion as his actual unit contribution bears to his actual unit entitlement.
Where the adjusted unit entitlement of a pensioner to whom this section applies exceeds his actual unit entitlement, the pensioner is, subject to this Act, entitled to an increase in the pension that is payable to him, being an increase calculated at the prescribed rate in respect of each unit included in his additional unit entitlement.
This Act’s bill:Second reading speech
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