keep The Parliamentary Pensions (Amendment) Regulations 2007
Amends the Parliamentary Pensions (Consolidation and Amendment) Regulations 1993 by inserting regulation C5B, which allows MPs and office holders who reach 75 after 5th April 2006 to opt out of remaining participants in the parliamentary pension scheme. The regulation permits these individuals to receive their accrued pension benefits rather than continuing as scheme participants, subject to notice requirements and Trustee discretion. Also makes corresponding amendments to Part M (death benefits) and Schedule 1 to ensure consistent treatment.
This regulation provides a beneficial opt-out mechanism for MPs and office holders at age 75, allowing them to receive their accrued pension benefits rather than being forced to remain as scheme participants. Deleting it would harm those individuals by removing their ability to access their pension entitlements at the appropriate retirement age. The regulation imposes no externalities on the public - it governs only internal parliamentary pension scheme administration and provides flexibility rather than restriction. Without this regulation, affected members would lack clear legal authority to receive their pensions.