Payment of pension at effective pension age
This section has no associated Explanatory Memorandum
26.—(1) For any part of a scheme year in which a member makes periodical payments for an effective pension age option, the member is entitled to payment of a full retirement earned pension or partial retirement earned pension attributable to the option at the effective pension age stated in the option without actuarial reduction.
(2) The amount of pension attributable to the option is reduced if the periodical payments are stopped before the end of the periodical payment period.
(3) For any period in which the periodical payments are stopped, an amount of standard earned pension is credited to the active member’s account instead of an amount of earned pension attributable to the option.