SCHEDULES
SCHEDULE 7Pension accounts
PART 4Pensioner member’s account
Pension accounts for partial retirement members21
1
On the entitlement day for a partial retirement pension—
a
a pensioner member’s account must be established for the member (M);
b
if M is an active member, the active member’s account must be adjusted by reducing the amount of accrued earned pension specified in that account by the specified percentage (see regulation 83(3));
c
if M is a deferred member, the deferred member’s account must be adjusted by reducing the amount of accrued earned pension specified in that account by the specified percentage;
d
after the adjustment, Parts 2 and 3 apply in relation to M as if the amount of accrued earned pension specified in the active member’s account or deferred member’s account had always been reduced by the specified percentage; and
e
if M has elected under regulation 83(3)(b) to receive additional pension with the partial retirement earned pension, the additional pension account must be closed.
2
The pensioner member’s account must specify—
a
the amount of partial retirement earned pension payable to M, and for that amount—
i
the actuarial reduction (if any);
ii
the late payment actuarial increase (if any);
iii
the conversion amount (if any); and
b
the amount of partial retirement additional pension payable to M, and for that amount—
i
the actuarial reduction (if any);
ii
the late payment actuarial increase (if any); and
iii
the conversion amount (if any).
3
The entitlement day is the election day for the purposes of regulation 83.