PART 7

Benefits for pension credit members
CHAPTER 2

Pension credit retirement pension

Entitlement day for pension credit retirement pension
154
1
The entitlement day for a person’s (P’s) pension credit retirement pension is—
a
the day on which P reaches normal pension age; or
b
if P has reached normal minimum pension age but has not reached normal pension age, a day specified in P’s application under regulation 162 for payment of the pension which is at least 6 weeks after the day on which the application is made.
2
The entitlement day must not be before the day on which a pension-sharing order takes effect.

Entitlement to pension credit retirement pension
155
1
A pension credit member (P) is entitled to payment of a pension credit retirement pension from the entitlement day if P has applied under regulation 162 for payment of the pension.
2
If P is entitled to 2 or more pension credits—
a
benefits are payable to P under this scheme as if P were 2 or more members, each being entitled to one of the pension credits; and
b
the amounts payable are determined accordingly.
3
A pension credit retirement pension is payable for life.

Annual rate of pension credit retirement pension
156
The annual rate of a pension credit retirement pension is found by—
a
taking the amount of credited pension specified in the pension credit member’s account;
b
applying the actuarial adjustment (if any) specified in the account in relation to that amount; and
c
subtracting the commutation amount (if any) specified in that account in relation to that amount.