PART 5Retirement benefits
CHAPTER 3Partial retirement benefits
Exercise of partial retirement option71
1
This regulation applies to an active member of this scheme (P) in relation to a continuous period of pensionable service who—
a
is aged at least 55; and
b
would be entitled to the immediate payment of a retirement pension in relation to that period of service if P left pensionable service and claimed payment of the pension.
2
P may opt to continue in pensionable service under this scheme but claim payment of the whole of P's accrued pension in relation to the pensionable service rendered before the exercise of the partial retirement option.
3
Where P has more than one active member's account, the partial retirement option may be exercised in respect of some or all of P's active member's accounts.
4
The partial retirement option may only be exercised by notice to the scheme manager (“option notice”) in a form required by the scheme manager and must be given before the date on which the first payment of the retirement pension is claimed.
5
For the purpose of these Regulations, the partial retirement option is taken to be exercised on such date as the member and the scheme manager agree.
6
An option notice must specify that P claims the whole of P's pension accrued in respect of P's active member's account in respect of the earlier service of that scheme employment.