THE STATES, in pursuance of Article 2 of the Public Employees (Retirement) (Jersey) Law 1967[1], have made the following Regulations –

“(3A) A member who is a category A member who, on or after the date on which the Public Employees (Contributory Retirement Scheme) (New Members) (Amendment No. 14) (Jersey) Regulations 2011[3] come into force, retires or has his or her employment terminated and whose pension, either in whole or in part, is attributable to a transfer value received by the Treasurer under Regulation 7 of the General Regulations from a registered pension scheme within the meaning of Part 4 of the Finance Act 2004 (c.12) of the United Kingdom on or after that date shall receive a pension under the scheme as follows –

(a)     such part of the member’s pension that is not attributable to such a transfer value shall, except as provided by paragraph (7), be payable from the date of the member’s retirement or the date the member has his or her employment terminated, as the case may be;

(b)     the reduction described in paragraph (6) shall be applied only to such part of the pension that is payable from the date described in sub-paragraph (a);

(c)     such part of the pension that is attributable to such transfer value shall be treated for the purposes of the scheme as a deferred pension to which the member is entitled under Regulation 8(1A)(a).

(3B)   A member shall be treated for the purposes of the scheme as a deferred pensioner in respect of that part of the pension treated as a deferred pension under paragraph (3A)(c) except that the member shall not be permitted to waive entitlement to that deferred pension by requesting a refund of contributions or a transfer payment.”.

“(1C) Subject to paragraph (1F), if a member who is entitled to a deferred pension in accordance with paragraph (1A)(a) is a category A or category B member, other than a category A member to whom paragraph (1E) applies, the member may at any time within the 5 years before attaining normal retiring age choose to be paid a pension immediately, such pension being calculated in accordance with Regulation 5 reduced by a neutral percentage for each year (and so in proportion for any part of a year) by which the member’s age at the time when the payment of the pension starts falls short of the member’s normal retiring age.”;

“(1F)  A member to whom paragraph (1G) applies may be paid –

(a)     in accordance with paragraph (1C), such part of the pension that is not attributable to the transfer value described in paragraph (1G)(c); and

(b)     in accordance with paragraph (1A)(a), such part of the pension that is attributable to such transfer value.

(1G)   This paragraph applies to a member who –

(a)     chooses to be paid a pension under paragraph (1C), payment of such pension commencing on or after the date on which the Public Employees (Contributory Retirement Scheme) (New Members) (Amendment No. 14) (Jersey) Regulations 2011[4] come into force;

(b)     was a category A member at the time he or she ceased to be an employee; and

(c)     has a pension either in whole or in part attributable to a transfer value received by the Treasurer under Regulation 7 of the General Regulations from a registered pension scheme within the meaning of Part 4 of the Finance Act 2004 (c.12) of the United Kingdom on or after the date the Public Employees (Contributory Retirement Scheme) (New Members) (Amendment No. 14) (Jersey) Regulations 2011[5] come into force.”.

“(4)    A member or deferred pensioner entitled to a pension under the scheme by virtue of Regulation 6(3A), or to whom Regulation 8(1G) applies, may elect to exchange up to a maximum of one-quarter of –

(a)     that part of the member’s pension which is attributable to the transfer value described in Regulation 6(3A) or Regulation 8(1G), as the case may be;

(b)     that part of his or her pension which is not so attributable; or

(c)     each such part,

for a lump sum payment.

(5)     An election under paragraph (4) must be made within 6 months before the part of the pension in respect of which the election is made becomes payable.

(6)     When the part of the pension in respect of which an election has been made under paragraph (4) becomes payable, for each one pound of the part of the pension exchanged the sum to be paid shall be £13.50.”.