Establishment of full retirement account
51.—(1) This regulation applies in relation to a continuous period of pensionable service under this scheme.
(2) When an active member of this scheme becomes entitled to the immediate payment of a full retirement earned pension or an ill-health pension, the scheme manager must—
(a)close the active member’s account for that continuous period of pensionable service; and
(b)establish an account for the pensioner member for that period of service.
(3) When an active member of this scheme exercises the partial retirement option in respect of the whole of the member’s accrued pensions and becomes entitled to the immediate payment of a full retirement pension, the scheme manager must—
(a)close the active member’s account for the period of earlier service;
(b)establish an account for the pensioner member for that period of earlier service; and
(c)establish a new active member’s account under Chapter 5 for the member’s continuing service as if the first day of pensionable service is the day after the option date.
(4) In these Regulations, an account established for a member under paragraph (2)(b) or (3)(b) is called a full retirement account.
(5) In this regulation—
“continuing service” means pensionable service that continues following the exercise of the option in regulation 64(2) from the option date;
“option date” means the date on which the partial retirement option is exercised and the member becomes entitled to the immediate payment of a full retirement pension; and
“period of earlier service” means the continuous period of pensionable service ending on the
option date.