SCHEDULES
SCHEDULE 7Pension accounts
PART 4Pensioner member’s account
Pension accounts for active or deferred members who become pensioner members20
1
When an active member becomes entitled to payment of a retirement pension other than a partial retirement pension in respect of any pensionable service—
a
the active member’s account and any additional pension account must be closed; and
b
a pension account for the pensioner member must be established (“the pensioner member’s account”).
2
When a deferred member becomes entitled to payment of a retirement pension other than a partial retirement pension in respect of any pensionable service—
a
the deferred member’s account and any additional pension account must be closed; and
b
a pension account for the pensioner member must be established (“the pensioner member’s account”).
3
The pensioner member’s account must specify—
a
the amount of full retirement earned pension payable to the member, and for that amount—
i
the actuarial reduction (if any);
ii
the late payment actuarial increase (if any); and
iii
the conversion amount (if any);
b
the amount of full retirement additional pension payable to the member, and for that amount—
i
the actuarial reduction (if any);
ii
the late payment actuarial increase (if any); and
iii
the conversion amount (if any); and
c
the amount of an allocation pursuant to an election by the member under regulation 50.