Account to specify opening balance and index adjustment
14.—(1) This paragraph applies in relation to every scheme year in which an active member’s account is open other than the scheme year in which the account is established.
(2) The active member’s account must specify—
(a)the opening balance of standard earned pension for the scheme year and the index adjustment for that opening balance;
(b)the opening balance of the club transfer earned pension (if any) for the scheme year and the index adjustment for that opening balance.
(3) The opening balance in relation to a description of pension—
(a)for the scheme year immediately following the scheme year in which the active member’s account is established, means the amount of that pension for the previous scheme year as at the end of the previous scheme year;
(b)for any subsequent scheme year, means the sum of the following amounts—
(i)the opening balance of that pension for the previous scheme year and the index adjustment for that opening balance; and
(ii)the amount of that pension for the previous scheme year as at the end of the previous scheme year.
(4) In this regulation, “a description of pension” means—
(a)standard earned pension;
(b)club transfer earned pension (if any).