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.