154.—(1) The entitlement day for a pension credit retirement pension is—
(a)the day on which a person (P) reaches normal pension age; or
(b)if P has reached normal minimum pension age but has not reached normal pension age, a day specified in P’s application under regulation 162 for payment of the pension which is at least 6 weeks after the day on which the application is made.
(2) The entitlement day must not be before the day on which a pension-sharing order takes effect.
155.—(1) A pension credit member (P) is entitled to payment of a pension credit retirement pension from the entitlement day if P has applied under regulation 162 for payment of the pension.
(2) If P is entitled to 2 or more pension credits—
(a)benefits are payable to P under this scheme as if P were 2 or more members, each being entitled to one of the pension credits; and
(b)the amounts payable are determined accordingly.
(3) A pension credit retirement pension is payable for life.
156. The annual rate of a pension credit retirement pension is found by—
(a)taking the amount of credited pension specified in the pension credit member’s account;
(b)applying the actuarial adjustment (if any) specified in the account in relation to that amount; and
(c)subtracting the conversion amount (if any) specified in that account in relation to that amount.