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This is the original version (as it was originally enacted).
46(1)An individual is eligible to take early retirement if the individual is—
(a)55 or over but is not yet 65, and
(b)neither an MSP nor the holder of a pensionable office.
(2)An eligible individual may take early retirement by giving notice (an “early retirement notice”) to the Fund trustees.
(3)Despite rule 37(1), an individual who takes early retirement is entitled to be paid his or her scheme pension from—
(a)the date on which the early retirement notice is given, or
(b)such later date as the individual may specify in the early retirement notice.
(4)The annual scheme pension payable to an individual is to be reduced by the appropriate percentage.
“appropriate percentage” is calculated as follows—
(5)The reduction in scheme pension is to continue to have effect after the individual reaches the age of 65.
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Text created by the Scottish Executive department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills
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