The Armed Forces Pension Regulations 2014
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Change 1
120 Reduction of benefits where annual allowance charge paid by scheme manager
(1) If the scheme manager pays the annual allowance charge on a member’s behalf, the amount or value of the benefits payable to or in respect of the member must be reduced. (2) The amount or value of the reduction of benefits must be such that in the opinion of the scheme manager, having consulted with the scheme actuary, it fully reflects the amount of the charge so paid and is consistent with normal actuarial practice.
120 Reduction of benefits where annual allowance charge paid by scheme manager
(1) If the scheme manager pays the annual allowance charge on a member’s behalf, the amount or value of the benefits payable to or in respect of the member must be reduced. (2) The amount or value of the reduction of benefits must be such that in the opinion of the scheme manager, having consulted with the scheme actuary, it fully reflects the amount of the charge so paid and is consistent with normal actuarial practice.
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