69.—(1) This regulation applies when a deferred member of this scheme becomes entitled to the immediate payment of a retirement pension.
(2) The annual rate of a retirement pension payable to a member to whom this regulation applies is calculated by subtracting from the retirement amount of deferred pension specified in the deferred member’s account—
(a)the early payment reduction (if any), specified in that account in relation to that amount;
(b)the commutation amount (if any) specified in that account in relation to that amount;
(c)the total allocation amount (if any) specified in that account in relation to that amount.