PART 5Pension accounts

CHAPTER 6Retirement account

Establishment of retirement account

65.—(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.