Pension credit members
2.D.2.—(1) The general rule is that a pension credit member is entitled to a pension for life derived from the member’s pension credit rights if the member has reached age 65 and has claimed payment of the pension.
(2) Subject to paragraph (5), the pension becomes payable—
(a)when the pension credit member reaches age 65; or
(b)if it is later, when the pension sharing order under which the member is entitled to the pension credit takes effect.
(3) The pension must be of such an amount that its value is equal to the member’s pension credit, as calculated in accordance with regulations made under paragraph 5(b) (appropriate rights) of Schedule 5 to the 1999 Act.
(4) A claim under paragraph (1) must be made by notice in writing in such form as the Scottish Ministers require and takes effect from the date specified in the claim as the date on which the pension is to become payable.
(5) A pension credit member who has not reached age 65 is entitled to immediate payment of a reduced pension payable for life if the pension credit member has—
(a)reached age 55; and
(b)claimed payment of the pension.
(6) The amount of the annual pension under paragraph (5)—
(a)is first calculated as mentioned in paragraph (3); and
(b)then that amount is reduced by such amount as the Scottish Ministers determine, after consulting the scheme actuary, to be appropriate by reason of the payment of the pension before the member reaches age 65.
(7) A claim under paragraph (5) must be made by notice in writing in such form as the Scottish Ministers require and takes effect from the date specified in the claim as the date on which the pension is to become payable.