The Teachers’ Pension Scheme (Scotland) Regulations 2014

CHAPTER 5 Early retirement

Meaning of “entitlement day” (early retirement pension)

100.—(1) The entitlement day for an early retirement pension is as follows.

(2) If a person (P) is not in eligible employment when P applies under regulation 159 for payment of the pension, the entitlement day is a day specified in P’s application which is at least 6 weeks after the day on which the application is made.

(3) If P is in eligible employment when P applies under regulation 159 for payment of the pension and P’s employer agrees that an early retirement pension should become payable to P, the entitlement day is the day after P leaves all eligible employment.

(4) If P is in eligible employment when P applies under regulation 159 for payment of the pension and P’s employer does not agree that an early retirement pension should become payable to P—

(a) if P continues in eligible employment for at least 6 months after the date on which P asks P’s employer to agree, the entitlement day is the day after P leaves all eligible employment;

(b) if P leaves all eligible employment before the end of 6 months after the date on which P asks P’s employer to agree, the entitlement day is a day specified in P’s application which is at least 6 weeks after the day on which the application is made.

(5) Despite paragraphs (2) to (4), the entitlement day must not be before the day on which P—

(a) reaches 55; or

(b) leaves all eligible employment.

Entitlement to early retirement pension

101.—(1) A person (P) is entitled to payment of an early retirement pension from the entitlement day if—

(a) P has reached 55 but has not reached normal pension age;

(b) P is qualified or re-qualified for retirement benefits;

(c) P has left all eligible employment;

(d) P has applied under regulation 159 for the payment of an early retirement pension; and

(e) P has not applied under that regulation for payment of any other retirement pension.

(2) P is not entitled to payment of an early retirement pension in respect of any pensionable service after P reaches normal pension age.

(3) An early retirement pension is payable for life.

Annual rate of early retirement pension

102.  The annual rate of the early retirement pension payable to a person (P) is found by—

(a) taking the amount of full retirement earned pension specified in P’s pensioner member’s account;

(b) applying the standard reduction (if any) and the actuarial adjustment (if any) specified in that account in relation to that amount;

(c) adding the amount of full retirement additional pension (if any) specified in that account;

(d) applying the actuarial adjustment (if any) specified in that account in relation to that amount; and

(e) subtracting the commutation amount (if any) specified in that account in relation to the sum of those amounts.