[SCHEDULE 5 Pension Increase or Lump Sum where Entitlement to Retirement Pension is Deferred]
Social Security Contributions and Benefits Act 1992 (1992 c 4) | Legislation

[SCHEDULE 5 Pension Increase or Lump Sum where Entitlement to Retirement Pension is Deferred]

Section 55

[Choice between increase of pension and lump sum where pensioner's entitlement is deferred

A1

(1)     Where a person's entitlement to a Category A or Category B retirement pension is deferred and the period of deferment is at least 12 months, the person shall, on claiming his pension or within a prescribed period after claiming it, elect in the prescribed manner either—

(a)     that paragraph 1 (entitlement to increase of pension) is to apply in relation to the period of deferment, or

(b)     that paragraph 3A (entitlement to lump sum) is to apply in relation to the period of deferment.

(2)     If no election under sub-paragraph (1) is made within the period prescribed under that sub-paragraph, the person is to be treated as having made an election under sub-paragraph (1)(b).

(3)     Regulations—

(a)     may enable a person who has made an election under sub-paragraph (1) (including one that the person is treated by sub-paragraph (2) as having made) to change the election within a prescribed period and in a prescribed manner, if prescribed conditions are satisfied, and

(b)     if they enable a

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