PART 5

Retirement Benefits for Teachers
CHAPTER 2

Age retirement

Meaning of “entitlement day” (age retirement pension)
85
1
The entitlement day for an age retirement pension is as follows.
2
If a person (P) is qualified for retirement benefits, the entitlement day is the earliest of the following—
a
if P is in pensionable service on the day on which P reaches normal pension age—
i
the day after P leaves all pensionable service; or
ii
the day on which P reaches 75; and
b
if P is not in pensionable service on the day on which P reaches normal pension age, the day on which P reaches normal pension age.
3
If P is re-qualified for retirement benefits, the entitlement day is the earliest of the following—
a
if P is in pensionable service on the date of application, the day after P leaves all pensionable service;
b
if P has left all pensionable service on the date of application, such day as P specifies in the application, which must be no earlier than 6 weeks after the date of application;
c
the date of P's 75th birthday.
4
In this regulation, “date of application” means the day on which P applies for the payment of an age retirement pension.

Entitlement to age retirement pension
86
1
A member (P) is entitled to payment of an age retirement pension from the entitlement day if—
a
P has reached normal pension age;
b
P is qualified or re-qualified for retirement benefits;
c
P has left all pensionable service; and
d
P has applied under regulation 162 for the payment of an age retirement pension.
2
An age retirement pension is payable for life.

Annual rate of age retirement pension
87
1
This regulation applies if an active member or a deferred member (P) becomes entitled to payment of an age retirement pension.
2
The annual rate of age retirement pension payable to P is found by—
a
taking the amount of full retirement earned pension specified in P's pensioner member's account;
b
applying the actuarial adjustment (if any) specified in that account in relation to that amount;
c
subtracting the commutation amount (if any) specified in that account in relation to that amount.
d
adding the amount of full retirement additional pension (if any) specified in that account; and
e
subtracting the commutation amount (if any) specified in that account in relation to that amount.

Arrears of pension payable to deferred member who becomes pensioner member after reaching normal pension age
88
A deferred member (P) who becomes a pensioner member after reaching normal pension age is entitled to be paid the total of the following—
a
the amount found by multiplying the sum of the amount of full retirement earned pension and the amount of full retirement additional pension (if any) specified in P's pensioner member's account by the period (in years and fractions of a year) for which P was a deferred member after reaching normal pension age; and
b
interest payable on that amount in accordance with regulation 178.