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.