PART 4Pension accounts

CHAPTER 7Pensioner members’ accounts

SECTION 6Establishment of pensioner members’ accounts

Pension accounts for active or deferred members who become pensioner members73

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).