PART 4 Pension accounts

CHAPTER 5 Active member’s account

44 Opening balance, index adjustment and age addition
1 This regulation applies in relation to every scheme year in which an active member’s account is open other than the scheme year in which that account is established.
2 The active member’s account must specify —
(a) the opening balance of earned pension for the scheme year and the index adjustment for that opening balance, and if applicable, the age addition awarded at the beginning of the scheme year;
(b) the opening balance of club transfer earned pension (if any) for the scheme year and the index adjustment for that opening balance and if applicable, the age addition awarded at the beginning of the scheme year;
(c) the opening balance of transferred pension (if any) for the scheme year and the index adjustment for that opening balance and if applicable, the age addition awarded at the beginning of the scheme year.
3 In these Regulations—
“opening balance” (“balans agoriadol”) in relation to a description of pension, other than added pension—
(a) for the scheme year immediately following the scheme year in which the active member’s account is established, means the amount of that pension for the previous scheme year as at the end of that scheme year; and
(b) for any subsequent scheme year, means the sum of the following amounts—
(i) the opening balance of that pension for the previous scheme year and the index adjustment for that opening balance,
(ii) the amount of that pension for the previous scheme year as at the end of the previous scheme year, and
(iii) if applicable, the age addition awarded at the beginning of the previous scheme year.