PART 5Pension accounts

CHAPTER 6Retirement account

Establishment of retirement account68

1

This regulation applies in relation to a continuous period of pensionable service under this scheme.

2

For a person who is a pensioner member of this scheme in relation to 2 or more continuous periods of pensionable service, this Chapter applies separately in relation to each of those periods of service.

3

When an active member of this scheme becomes entitled to payment for life of a retirement pension in relation to that period of service, the scheme manager must—

a

close the active member’s account for that period of service; and

b

establish an account for the pensioner member for that period of service.

4

For the purpose of these Regulations, an account established for a pensioner member under paragraph (3)(b) is called a retirement account.