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The Local Government Pension Scheme (Scotland) Regulations 2018

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Retirement pension accounts: active members

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25.—(1) When an active member becomes entitled to immediate payment of a full retirement pension in relation to an employment—

(a)the active member’s pension account must be closed; and

(b)a retirement pension account must be opened.

(2) The retirement pension account must specify—

(a)the amount of accrued pension;

(b)the amount of any additional pension (if any) purchased under regulation 17(6)(b)(i) (additional voluntary contributions);

(c)the early payment reduction or deferred payment enhancement (if any) and the amount of pension to which that reduction or enhancement is to be applied;

(d)the commutation amount (if any);

(e)the amount of any pension adjustment; and

(f)the amount of pension payable from time to time and the date from which it is to be paid.

(3) Subject to paragraph (4), the amount of accrued pension for the purposes of paragraph (2)(a) is the amount that would have been specified under regulation 24(4) (deferred member’s pension account) if a deferred member’s pension account had been opened for that member.

(4) The amount of accrued pension specified in paragraph (2)(a) must be reduced to take account of the commutation amount.

(5) The amount of any pension adjustment not already accounted for under paragraph (2)(a) is, for the purposes of paragraph (2)(e) the amount calculated in accordance with actuarial guidance issued by the Scottish Ministers to account for any tax to which the administering authority may become chargeable under the Finance Act 2004 in accordance with regulation 82 (tax) or as a result of a pension sharing order.

(6) The balance in the member’s account at the end of the Scheme year in which the member becomes a pensioner member is adjusted at the beginning of the following Scheme year by the revaluation adjustment applicable to the Scheme year in which the member became a pensioner member in accordance with guidance issued by the Scottish Ministers.

(7) The revalued balance calculated under paragraph (6) is the opening balance for the following Scheme year and, thereafter, the balance is adjusted each year by the index rate adjustment from the date that an increase would apply if that balance were a pension in payment to which the Pensions (Increase) Act 1971 applied.

(8) For the purposes of this regulation a full retirement pension means a retirement pension other than a pension payable under regulation 29(6) (flexible retirement pensions).

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