PART 4 Pension accounts

CHAPTER 7 Pensioner members’ accounts

SECTION 6 Establishment of pensioner members’ accounts

73 Pension accounts for active or deferred members who become pensioner members
1 When an active member becomes entitled to payment of a retirement pension other than a phased 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 phased 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 standard reduction (if any);
(ii) the actuarial adjustment (if any); and
(iii) the commutation amount (if any); and
(b) the amount of full retirement additional pension payable to the member, and for that amount—
(i) the actuarial adjustment (if any); and
(ii) the commutation amount (if any).