PART 5Pension accounts
CHAPTER 6Retirement account
Establishment of retirement account65
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 the 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.
Amount of retirement earned pension and retirement added pension66
1
The retirement account must specify the amount of retirement earned pension and retirement added pension.
2
The amount of retirement earned pension is the sum of—
a
the amount of the accrued earned pension calculated under regulation 42 (“accrued amount”);
b
the retirement index adjustment for the accrued amount; and
c
the assumed age addition (if any) for the accrued amount.
3
The amount of a description of retirement added pension (if any) is the sum of—
a
the amount of the relevant accrued added pension calculated under regulation 43 (“accrued amount”);
b
the retirement PIA index adjustment for the accrued amount; and
c
the assumed age addition (if any) for the accrued amount.
4
For each amount of retirement earned pension and retirement added pension, the retirement account must specify—
a
the early payment reduction (if any); and
b
the commutation amount (if any).
5
In this regulation, “relevant accrued added pension” means—
a
for a retirement added (self only) pension, accrued added (self only) pension; and
b
for a retirement added (all beneficiaries) pension, accrued added (all beneficiaries) pension.
Closure of retirement account67
The scheme manager must close a retirement account if —
a
a retirement earned pension ceases to be payable under Part 7; or
b
an ill-health pension under this scheme ceases to be payable under Part 7.