56.—(1) The scheme manager must establish a pension account for each pension credit member of this scheme (“the pension credit member’s account”).
(2) If a pension credit is derived from 2 or more pension debit members, the scheme manager must establish a pension credit member’s account in relation to each pension debit member.
(3) The pension credit member’s account must specify the amount of credited pension, and for that amount—
(a)the early payment reduction (if any); and
(b)the commutation amount (if any).
(4) On the establishment of the pension credit member’s account, the accounts established under this Part for the pension debit member must be reduced by the relevant amount.
(5) In this regulation—
“amount of credited pension” means an amount equal to the pension credit calculated in accordance with regulations made under paragraph 5(b) of Schedule 5 (pension credits: mode of discharge) to the 1999 Order;
“relevant amount” is the amount that the scheme manager, after consultation with the scheme actuary, considers appropriate having regard to—
the cash equivalent that would have been payable under Chapter 2 of Part 4A (requirements relating to pension credit benefit: transfer values) of the 1993 Act(1) in respect of the pension credit member’s right to benefits under this scheme attributable (directly or indirectly) to the pension credit; and
the provisions of Articles 26 (creation of pension debits and credits) and 28 (reduction of benefit) of the 1999 Order.
57. If a pension credit member of this scheme is also an active member, deferred member or pensioner member of this scheme, the scheme manager must establish a pension credit member’s account in addition to any other account established for the member under this Part.
Part 4A was inserted by Article 34 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 S.I. 1999/3147 (N.I. 11)