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(1) A member who ceases to be in service by virtue of which he is eligible to be an active member of the Scheme before reaching pension age is entitled to a pension for life and a lump sum if the member attains pension benefit age and either—
(a)he has at least two years' qualifying service, or
(b)he was formerly entitled to rights under a personal pension scheme or a retirement annuity contract in respect of which a transfer value payment has been accepted by the Scheme under Part F (transfers).
(2) The pension and the lump sum become payable immediately on the member attaining pension benefit age.
(3) The amount of the annual pension payable under this rule is calculated by multiplying one seventieth of the member’s final pensionable earnings by the member’s reckonable service, expressed as a number of years.
(4) The amount of the lump sum payable under this rule is calculated by multiplying the amount of the annual pension so payable by 3.
(5) This rule does not apply to pensions derived from pension credit rights.
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