PART 7Retirement benefits
CHAPTER 6Payment options
Option to defer payment of retirement added pension121
1
This regulation applies in relation to a member of this scheme who, on or after reaching normal pension age under this scheme, becomes entitled to the payment for life of a retirement added pension of any description.
2
The member may opt under this regulation to defer payment of the retirement added pension of that description.
3
A member who exercises the option under this regulation becomes a deferred member of this scheme in respect of the retirement added pension of that description and accordingly—
a
a deferred member's account must be established under Part 5 (pension accounts); and
b
the amount of retirement added pension of that description must be specified in the deferred member's account as the provisional amount of deferred added pension of that description.
4
The member is entitled to payment for life of the retirement added pension of that description when the member claims payment of that pension.
5
A member may only claim payment of a pension under this regulation by giving at least one month's written notice to the scheme manager.
6
The notice must specify the date from which payment of the pension is claimed.
7
The annual rate of retirement added pension is calculated in accordance with regulation 66.