Words in reg. 65(1)(c) substituted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2015 (S.I. 2015/592), regs. 1, 3

Reg. 74 substituted (30.11.2017) by The Teachers Pensions Schemes (Miscellaneous Amendments) Regulations 2017 (S.I. 2017/1084), regs. 1, 9

http://www.legislation.gov.uk/uksi/2014/512/part/4/2021-08-01The Teachers' Pension Scheme Regulations 2014texttext/xmlenStatute Law DatabasePUBLIC SERVICE PENSIONS, ENGLAND AND WALESEDUCATION, ENGLAND AND WALES2024-05-16Expert Participation2021-08-01These Regulations establish a career average re-valued earnings scheme for the payment of pensions and other benefits to and in respect of teachers in England and Wales.PART 4Pension accountsCHAPTER 1InterpretationInterpretation42.

In this Part—

the leaving year” means the financial year in which the relevant last day falls;

the relevant last day” means—

(a)

for a member who has made a phased retirement application, the day before the entitlement day for a phased retirement pension; and

(b)

otherwise, the last day of pensionable service.

Pensionable service43.

For the purpose of this Part, a person (P) who re-enters pensionable service after a gap in service not exceeding 5 years is taken to be in pensionable service during the gap.

Meaning of “leaver index adjustment”44.(1)

The leaver index adjustment for an amount of accrued earned pension other than an amount of club transfer accrued earned pension is an amount calculated as follows—

Step 1

Add 1.6 to the percentage increase or decrease in prices specified in the Treasury order in relation to the leaving year.

Step 2

Multiply the result at Step 1 by A/B

where—

A is the number of complete months in the period between the beginning of the leaving year and the end of the relevant last day; and

B is 12.

The resulting percentage is the leaver index percentage.

Step 3

Multiply the amount of accrued earned pension by the leaver index percentage.

The resulting amount is the leaver index adjustment.

(2)

The leaver index adjustment for an amount of club transfer accrued earned pension is the adjustment that would apply under the sending scheme to an amount of accrued earned pension equal to the amount of club transfer accrued earned pension specified in the active member's account at the end of the relevant last day.

(3)

In this regulation, “complete month” includes an incomplete month that consists of at least 16 days.

Meaning of “leaver PIA index adjustment”45.(1)

The leaver PIA index adjustment for an amount of accrued additional pension is calculated in accordance with paragraph (2).

(2)

The leaver PIA index adjustment is the amount by which the annual rate of a pension of an amount equal to the amount of accrued additional pension would have been increased in the leaving year under PIA 1971 if—

(a)

that pension were eligible to be so increased; and

(b)

the beginning date for that pension were the day after the relevant last day.

CHAPTER 2Calculation of accrued pensionCalculation of amount of accrued pension for purposes of deferment or full retirement46.(1)

For the purpose of a full retirement pension, the amount of accrued pension is calculated in accordance with this regulation.

(2)

For the purpose of a deferred member's account, the amount of accrued earned pension is calculated in accordance with paragraph (3).

(3)

The amount of accrued earned pension is the sum of the following amounts specified in the active member's account as at the end of the last day of pensionable service—

(a)

the opening balance of standard earned pension for the last active financial year and the index adjustment for that opening balance;

(b)

the amount of standard earned pension (if any) for the last active financial year;

(c)

the opening balance of faster accrual earned pension (if any) for the last active financial year and the index adjustment for that opening balance;

(d)

the amount of faster accrual earned pension (if any) for the last active financial year;

(e)

the opening balance of club transfer earned pension (if any) for the last active financial year and the index adjustment for that opening balance;

(f)

the amount of club transfer earned pension (if any) for the last active financial year;

(g)

the opening balance of transferred pension (if any) for the last active financial year and the index adjustment for that opening balance; and

(h)

the amount of transferred pension (if any) for the last active financial year.

(4)

The amount of accrued additional pension is—

(a)

the sum of the following amounts specified in the additional pension account as at the end of the last day of pensionable service—

(i)

the opening balance of additional pension for the last active financial year; and

(ii)

the PIA index adjustment (if any) for that opening balance; or

(b)

an amount determined by the scheme manager under Part 2 of Schedule 2.

(5)

In these Regulations, “the last active financial year” means the financial year in which the last day of pensionable service falls.

Calculation of amount of accrued pension for purpose of phased retirement47.(1)

For the purpose of a phased retirement pension, the amount of accrued pension is calculated in accordance with this regulation.

(2)

The amount of accrued earned pension is the phased retirement proportion of the sum of the following amounts specified in the active member's account as at the end of the relevant last day—

(a)

the opening balance of standard earned pension for the leaving year and the index adjustment for that opening balance;

(b)

the amount of standard earned pension for the leaving year;

(c)

the opening balance of faster accrual earned pension (if any) for the leaving year and the index adjustment for that opening balance;

(d)

the amount of faster accrual earned pension (if any) for the leaving year;

(e)

the opening balance of club transfer earned pension (if any) for the leaving year and the index adjustment for that opening balance;

(f)

the amount of club transfer earned pension (if any) for the leaving year;

(g)

the opening balance of transferred pension (if any) for the leaving year and the index adjustment for that opening balance; and

(h)

the amount of transferred pension (if any) for the leaving year.

(3)

If a member claims payment of additional pension under regulation 94, the amount of accrued additional pension is—

(a)

the sum of the following amounts specified in the additional pension account as at the end of the relevant last day—

(i)

the opening balance of additional pension for the leaving year; and

(ii)

the PIA index adjustment (if any) for that opening balance; or

(b)

an amount determined by the scheme manager under Part 2 of Schedule 2.

CHAPTER 3Pension accounts: generalEstablishment of pension accounts: general48.(1)

The scheme manager must establish and maintain one or more pension accounts for each member of this scheme in accordance with this Part.

(2)

A pension account—

(a)

may be kept in any form the scheme manager considers appropriate; and

(b)

must specify the details required by these Regulations.

(3)

References in these Regulations to any amount specified in a pension account are references to the amount that is required by these Regulations to be so specified and not, if different, the amount actually so specified.

Closure of pension accounts on transfer out or repayment of balance of contributions49.

All pension accounts relating to a member (P) (other than a pension credit member's account) must be closed if—

(a)

a transfer payment is made in respect of P's accrued rights under this scheme; or

(b)

P is repaid the balance of contributions under regulation 189.

CHAPTER 4Active member's accountEstablishment of active member's account50.(1)

A pension account must be established for each active member (“the active member's account”) from the first day of pensionable service under this scheme.

(2)

If a person is an active member in relation to more than one employment, only one active member's account is to be established.

(3)

The active member's account must remain open until the member leaves all pensionable service under this scheme.

Receipt of transfer values51.(1)

This regulation applies if a transfer value is received from another pension scheme (other than a connected scheme) in relation to an active member of this scheme.

(2)

On receipt of the transfer value payment, the active member's account must be credited with the amount of transferred pension the member is entitled to count under Part 10 (transfers).

Receipt of club transfer values52.(1)

This regulation applies if a club transfer value is received from another club scheme in relation to an active member of this scheme.

(2)

On receipt of the transfer value payment, the active member's account must be credited with an amount of club transfer earned pension the member is entitled to under Part 10 (transfers).

Account to specify amount of pension for a financial year53.(1)

This regulation applies in relation to every financial year in which an active member's account is open.

(2)

The active member's account must specify—

(a)

the amount of standard earned pension (if any) for the financial year;

(b)

the amount of faster accrual earned pension (if any) for the financial year;

(c)

the amount of club transfer earned pension (if any) for the financial year; and

(d)

the amount of transferred pension (if any) for the financial year.

(3)

The amount is—

(a)

for standard earned pension, 1/57th of the member's pensionable earnings for that year;

(b)

for faster accrual earned pension, the fraction of the member's pensionable earnings for that year specified in a faster accrual election;

(c)

for club transfer earned pension, the sum of all club transfer values received in relation to the member in that year; and

(d)

for transferred pension, the amount which a member is entitled to count under Part 10 (transfers) for that year.

Account to specify opening balance and index adjustment54.(1)

This regulation applies in relation to every financial year in which an active member's account is open other than the financial year in which the account is established.

(2)

The active member's account must specify—

(a)

the opening balance of standard earned pension for the financial year and the index adjustment for that opening balance;

(b)

the opening balance of faster accrual earned pension (if any) for the financial year and the index adjustment for that opening balance; and

(c)

the opening balance of transferred pension (if any) for the financial year and the index adjustment for that opening balance.

(3)

The opening balance in relation to a description of pension—

(a)

for the financial year immediately following the financial year in which the active member's account is established, means the amount of that pension for the previous financial year as at the end of the previous financial year;

(b)

for any subsequent financial year, means the sum of the following amounts—

(i)

the opening balance of that pension for the previous financial year and the index adjustment for that opening balance; and

(ii)

the amount of that pension for the previous financial year as at the end of the previous financial year.

(4)

In this regulation, “a description of pension” means—

(a)

standard earned pension;

(b)

faster accrual earned pension (if any);

(c)

club transfer earned pension (if any); and

(d)

transferred pension (if any).

Ill-health pension ceases to be payable55.

If an ill-health pension ceases to be payable to a person (P) under regulation 114 or 118 and P re-enters pensionable service—

(a)

the pensioner member's account must be closed;

(b)

the active member's account must be re-established and credited with an amount equal to the annual rate of pension payable immediately before the ill-health pension ceased to be payable.

Phased retirement pension ceases to be payable56.

If a phased retirement pension ceases to be payable under regulation 97 and P re-enters pensionable service—

(a)

the pensioner member's account must be closed; and

(b)

the active member's account must be adjusted by increasing the amount of accrued earned pension by the phased retirement proportion.

CHAPTER 5Additional pension accountEstablishment of additional pension account57.(1)

An additional pension account must be established for each active member (P) in respect of whom an additional pension election is made.

(2)

If P is an active member in relation to more than one employment, only one additional pension account is to be established.

(3)

The additional pension account must remain open until—

(a)

an additional pension is paid in respect of P;

(b)

a transfer payment is made in respect of P's rights to the accrued additional pension; or

(c)

all additional pension contributions are refunded under Part 2 of Schedule 2.

(4)

Part 2 of Schedule 2 has effect in relation to the making of an additional pension election.

Account to specify amount of additional pension58.(1)

This regulation applies in relation to every financial year in which an additional pension election is made.

(2)

The additional pension account must specify in relation to any additional pension election made in that financial year an amount equal to the annual rate of additional (self only) pension specified in the additional pension election.

Account to specify opening balance and PIA index adjustment59.(1)

This regulation applies in relation to every financial year in which an additional pension account is open other than the financial year in which the account is established.

(2)

The account must specify the opening balance of additional pension for the financial year and the PIA index adjustment for that opening balance.

(3)

The opening balance of additional pension—

(a)

for the financial year immediately following the financial year in which the additional pension account is established, means the amount of additional pension specified in the account as at the end of the previous financial year; and

(b)

for any subsequent financial year, means the sum of the following amounts—

(i)

the opening balance of additional pension for the previous financial year;

(ii)

the PIA index adjustment for that opening balance; and

(iii)

the amount of additional pension for the previous financial year.

Ill-health pension ceases to be payable60.(1)

This regulation applies if—

(a)

an additional pension is payable with an ill-health pension; and

(b)

the ill-health pension ceases to be payable under regulation 114 or 118.

(2)

The additional pension account must be re-established and credited with an amount equal to the annual rate of additional (self only) pension.

Phased retirement pension ceases to be payable61.(1)

This regulation applies if—

(a)

an additional pension is payable with a phased retirement pension; and

(b)

the phased retirement pension ceases to be payable under regulation 97.

(2)

The additional pension account must be re-established and credited with an amount equal to the annual rate of additional (self only) pension.

CHAPTER 6Deferred member's accountEstablishment of deferred member's account62.

When an active member leaves all pensionable service and becomes a deferred member—

(a)

the active member's account must be closed; and

(b)

a pension account for the deferred member must be established (“deferred member's account”).

Account to specify amount of accrued earned pension and leaver index adjustment63.

The deferred member's account must specify—

(a)

the amount of accrued earned pension calculated under regulation 46(3); and

(b)

the leaver index adjustment for that amount.

Deferred member's account closed after break not exceeding 5 years64.(1)

If a deferred member re-enters pensionable service under this scheme after a gap in service not exceeding 5 years—

(a)

the deferred member's account must be closed; and

(b)

the active member's account must be re-established.

(2)

The active member's account—

(a)

must specify the amount of accrued earned pension as at the beginning of the gap in service; and

(b)

must be adjusted as if the member had continued as an active member during the gap in service but had received no pensionable earnings.

Deferred member's account closed after service under another public service scheme65.(1)

This regulation applies if—

(a)

a deferred member (P) re-enters pensionable service under this scheme after a gap in service of more than 5 years;

(b)

the gap in service included a period of service under another public service scheme; and

(c)

the period in which P was not in any service was 5 years or less.

(2)

When P re-enters pensionable service under this scheme—

(a)

the deferred member's account must be closed; and

(b)

the active member's account must be re-established.

(3)

For the financial year in which the active member's account is re-established, the opening balance for each description of pension must be equal to the amount of accrued pension specified in the deferred member's account in relation to that description of pension as at the end of the gap in service.

Deferred member's account remains open after a gap in service of more than 5 years66.(1)

This regulation applies if a deferred member (P) re-enters pensionable service under this scheme after a gap in service of more than 5 years.

(2)

When P re-enters pensionable service under this scheme (“the further service”)—

(a)

the deferred member's account remains open; and

(b)

an active member's account must be established in respect of the further service.

(3)

In this regulation, “gap in service” does not include any period of service under another public service pensions scheme.

Deferred member's account established after ill-health pension ceases to be payable67.

If an ill-health pension ceases to be payable to a person (P) under regulation 114 or 118 and P does not re-enter pensionable service—

(a)

a deferred member's account must be established; and

(b)

that account must be credited with an amount equal to the annual rate of pension payable immediately before the ill-health pension ceased to be payable.

Deferred member's account established after phased retirement pension ceases to be payable68.

If a phased retirement pension ceases to be payable to a person (P) under regulation 97 and P does not re-enter pensionable service—

(a)

a deferred member's account must be established; and

(b)

the scheme manager must increase the amount of accrued earned pension by the phased retirement proportion.

CHAPTER 7Pensioner members' accounts
SECTION 1InterpretationMeaning of “full retirement earned pension”69.(1)

The amount of full retirement earned pension is the sum of—

(a)

the amount of accrued earned pension calculated under regulation 46(3); and

(b)

the leaver index adjustment for that amount.

(2)

In calculating the amount of full retirement earned pension, the leaver index adjustment is not applied to the amount of accrued earned pension if a transfer payment is made in respect of the member's rights to that accrued pension before the end of the last active financial year.

Meaning of “full retirement additional pension”70.(1)

The amount of full retirement additional pension is the sum of—

(a)

the amount of accrued additional pension calculated under regulation 46(4); and

(b)

the leaver PIA index adjustment for that amount.

(2)

In calculating the amount of full retirement additional pension, the leaver PIA index adjustment is not applied to the amount of accrued additional pension if a transfer payment is made in respect of the member's rights to that accrued pension before the end of the last active financial year.

Meaning of “phased retirement earned pension”71.

The amount of phased retirement earned pension is the sum of—

(a)

the amount of accrued earned pension calculated under regulation 47(2); and

(b)

the leaver index adjustment for that amount.

Meaning of “phased retirement additional pension”72.

The amount of phased retirement additional pension is the sum of—

(a)

the amount of accrued additional pension calculated under regulation 47(3); and

(b)

the leaver PIA index adjustment for that amount.

Meaning of “standard reduction”73.(1)

The standard reduction is 3% and applies in relation to a maximum of 3 years between age 65 and a member's normal pension age.

(2)

The standard reduction is applied when calculating the annual rate of pension payable to a member (P) who—

(a)

was an active member immediately before the entitlement day for a phased retirement pension, premature retirement pension or early retirement pension; and

(b)

on the entitlement day for that pension—

(i)

has reached normal minimum pension age; but

(ii)

has not reached normal pension age.

(3)

If a retirement pension becomes payable to P on or after the date on which P reaches 65, the standard reduction applies in relation to a proportion, determined by the scheme manager, of the time left until P reaches normal pension age.

Meaning of “actuarial adjustment”74.(1)

In these Regulations, “actuarial adjustment” means the actuarial adjustment that is applied when calculating the annual rate of pension payable to—

(a)

a member who, on the entitlement day for a pension other than an age retirement pension or an ill-health pension, has not reached normal pension age; or

(b)

an active member or a deferred member who becomes a pensioner member after reaching normal pension age.

(2)

In the case of an actuarial adjustment applied under paragraph (1)(b)—

(a)

the actuarial adjustment only relates to a period of pensionable service of the active member or the deferred member after reaching normal pension age; and

(b)

the actuarial adjustment must only be applied to the accrued earned pension of the active member or the deferred member that accrued before reaching normal pension age.

Meaning of “conversion amount”75.

In these Regulations, “conversion amount”, in relation to any pension converted in part to a lump sum under regulation 168, means the amount of pension converted to a lump sum.

SECTION 2Establishment of pensioner members' accountsPension accounts for active or deferred members who become pensioner members76.(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 conversion 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 conversion amount (if any).

Pension accounts for phased retirement members77.(1)

On the entitlement day for a phased retirement pension—

(a)

a pensioner member's account must be established for the member;

(b)

if the member is an active member, the active member's account must be adjusted by reducing the amount of accrued earned pension specified in that account by the phased retirement proportion;

(c)

if the member is a deferred member, the deferred member's account must be adjusted by reducing the amount of accrued earned pension specified in that account by the phased retirement proportion;

(d)

after the adjustment, Chapters 2 and 3 apply in relation to the member as if the amount of accrued earned pension specified in the active member's account or deferred member's account had always been reduced by the phased retirement proportion; and

(e)

if the member has applied under regulation 94 to receive additional pension with the phased retirement earned pension, the additional pension account must be closed.

(2)

The pensioner member's account must specify—

(a)

the amount of phased 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 conversion amount (if any); and

(b)

the amount of phased retirement additional pension payable to the member, and for that amount—

(i)

the actuarial adjustment (if any); and

(ii)

the conversion amount (if any).

SECTION 3Closure of accountsIll-health pension ceases to be payable78.

If an ill-health pension ceases to be payable under regulation 114 or 118, the pensioner member's account must be closed.

Phased retirement pension ceases to be payable79.

If a phased retirement pension ceases to be payable under regulation 97, the pensioner member's account must be closed.

CHAPTER 8Pension credit member's pension accountPension credit member's pension account80.(1)

A pension account must be established for each pension credit member (“the pension credit member's account”).

(2)

The pension credit member's account must specify the amount of credited pension and for that amount—

(a)

the actuarial adjustment (if any); and

(b)

the conversion amount (if any).

(3)

In these Regulations, “amount of credited pension” means an amount equal to the pension credit calculated in accordance with regulations made under paragraph 5(b) of Schedule 5 to WRPA 1999.

Separate account for each capacity of membership81.(1)

If a pension credit member is also an active member, deferred member or pensioner member, the pension credit member's account is in addition to the other account or accounts to be established under this Part in respect of the member in the other capacity.

(2)

If a pension credit member has rights under this scheme which are attributable, directly or indirectly, to pension credit derived from the rights of more than one pension debit member of this scheme, a separate account is to be established under this regulation in respect of the pension credit attributable to the rights of each such pension debit member.

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<restriction href="#regulation-59" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-60" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-61" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#part-4-chapter-6" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-62" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-63" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-64" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-65" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-66" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-67" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-68" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#part-4-chapter-7" refersTo="#period-from-2017-11-30" type="jurisdiction"/>
<restriction href="#part-4-chapter-7-crossheading-interpretation" refersTo="#period-from-2017-11-30" type="jurisdiction"/>
<restriction href="#regulation-69" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-70" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-71" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-72" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-73" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-74" refersTo="#period-from-2017-11-30" type="jurisdiction"/>
<restriction href="#regulation-75" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
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<restriction href="#regulation-77" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
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<restriction href="#regulation-78" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-79" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#part-4-chapter-8" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-80" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
<restriction href="#regulation-81" refersTo="#period-from-2015-04-01" type="jurisdiction"/>
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<uk:commentary href="#regulation-74" refersTo="#key-48be3b6a8877b140cd85c0254d6bcef3"/>
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<temporalGroup eId="period-from-2017-11-30">
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<temporalGroup eId="period-from-2021-08-01">
<timeInterval start="#date-2021-08-01" refersTo="#"/>
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<temporalGroup eId="period-from-2021-08-01-to-2022-04-01">
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<references source="#">
<TLCOrganization eId="united-kingdom-parliament" href="" showAs="UnitedKingdomParliament"/>
<TLCEvent eId="made" href="" showAs="Made"/>
<TLCEvent eId="laid" href="" showAs="Laid"/>
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<notes source="#">
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-bf8065fdb73f046691fe8d1b766e83f3" marker="F1">
<p>
Words in
<ref eId="cqm0ato63-00006" class="subref" href="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/65/1/c">reg. 65(1)(c)</ref>
substituted (1.4.2015) by
<ref eId="cqm0ato63-00007" href="http://www.legislation.gov.uk/id/uksi/2015/592">The Teachers Pension Scheme (Amendment) Regulations 2015 (S.I. 2015/592)</ref>
,
<ref eId="cqm0ato63-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2015/592/regulation/1">regs. 1</ref>
,
<ref eId="cqm0ato63-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2015/592/regulation/3">3</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-48be3b6a8877b140cd85c0254d6bcef3" marker="F2">
<p>
<ref eId="cqnjqud23-00007" class="subref" href="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/74">Reg. 74</ref>
substituted (30.11.2017) by
<ref eId="cqnjqud23-00008" href="http://www.legislation.gov.uk/id/uksi/2017/1084">The Teachers Pensions Schemes (Miscellaneous Amendments) Regulations 2017 (S.I. 2017/1084)</ref>
,
<ref eId="cqnjqud23-00009" class="subref" href="http://www.legislation.gov.uk/id/uksi/2017/1084/regulation/1">regs. 1</ref>
,
<ref eId="cqnjqud23-00010" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2017/1084/regulation/9">9</ref>
</p>
</note>
</notes>
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<dc:identifier>http://www.legislation.gov.uk/uksi/2014/512/part/4/2021-08-01</dc:identifier>
<dc:title>The Teachers' Pension Scheme Regulations 2014</dc:title>
<dc:type>text</dc:type>
<dc:format>text/xml</dc:format>
<dc:language>en</dc:language>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:subject scheme="SIheading">PUBLIC SERVICE PENSIONS, ENGLAND AND WALES</dc:subject>
<dc:subject scheme="SIheading">EDUCATION, ENGLAND AND WALES</dc:subject>
<dc:modified>2024-05-16</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2021-08-01</dct:valid>
<dc:description>These Regulations establish a career average re-valued earnings scheme for the payment of pensions and other benefits to and in respect of teachers in England and Wales.</dc:description>
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<body eId="body">
<part eId="part-4" uk:target="true">
<num>
<b>PART 4</b>
</num>
<heading>Pension accounts</heading>
<chapter eId="part-4-chapter-1">
<num>CHAPTER 1</num>
<heading>Interpretation</heading>
<hcontainer name="regulation" eId="regulation-42">
<heading>Interpretation</heading>
<num>42.</num>
<intro>
<p>In this Part—</p>
</intro>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-the-leaving-year" eId="term-the-leaving-year">the leaving year</term>
” means the financial year in which the relevant last day falls;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<term refersTo="#term-the-relevant-last-day" eId="term-the-relevant-last-day">the relevant last day</term>
” means—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>for a member who has made a phased retirement application, the day before the entitlement day for a phased retirement pension; and</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>otherwise, the last day of pensionable service.</p>
</content>
</level>
</hcontainer>
</hcontainer>
<hcontainer name="regulation" eId="regulation-43">
<heading>Pensionable service</heading>
<num>43.</num>
<content>
<p>For the purpose of this Part, a person (P) who re-enters pensionable service after a gap in service not exceeding 5 years is taken to be in pensionable service during the gap.</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-44">
<heading>Meaning of “leaver index adjustment”</heading>
<num>44.</num>
<paragraph eId="regulation-44-1">
<num>(1)</num>
<content>
<p>The leaver index adjustment for an amount of accrued earned pension other than an amount of club transfer accrued earned pension is an amount calculated as follows—</p>
<blockList class="unordered none" ukl:Name="UnorderedList" ukl:Decoration="none">
<item>
<p>
<i>Step 1</i>
</p>
</item>
<item>
<p>Add 1.6 to the percentage increase or decrease in prices specified in the Treasury order in relation to the leaving year.</p>
</item>
<item>
<p>
<i>Step 2</i>
</p>
</item>
<item>
<p>Multiply the result at Step 1 by A/B</p>
</item>
<item>
<p>where—</p>
<blockList class="unordered none" ukl:Name="UnorderedList" ukl:Decoration="none">
<item>
<p>A is the number of complete months in the period between the beginning of the leaving year and the end of the relevant last day; and</p>
</item>
<item>
<p>B is 12.</p>
</item>
</blockList>
</item>
<item>
<p>The resulting percentage is the leaver index percentage.</p>
</item>
<item>
<p>
<i>Step 3</i>
</p>
</item>
<item>
<p>Multiply the amount of accrued earned pension by the leaver index percentage.</p>
</item>
<item>
<p>The resulting amount is the leaver index adjustment.</p>
</item>
</blockList>
</content>
</paragraph>
<paragraph eId="regulation-44-2">
<num>(2)</num>
<content>
<p>The leaver index adjustment for an amount of club transfer accrued earned pension is the adjustment that would apply under the sending scheme to an amount of accrued earned pension equal to the amount of club transfer accrued earned pension specified in the active member's account at the end of the relevant last day.</p>
</content>
</paragraph>
<paragraph eId="regulation-44-3">
<num>(3)</num>
<content>
<p>
In this regulation, “
<term refersTo="#term-complete-month" eId="term-complete-month">complete month</term>
” includes an incomplete month that consists of at least 16 days.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-45">
<heading>Meaning of “leaver PIA index adjustment”</heading>
<num>45.</num>
<paragraph eId="regulation-45-1">
<num>(1)</num>
<content>
<p>The leaver PIA index adjustment for an amount of accrued additional pension is calculated in accordance with paragraph (2).</p>
</content>
</paragraph>
<paragraph eId="regulation-45-2">
<num>(2)</num>
<intro>
<p>The leaver PIA index adjustment is the amount by which the annual rate of a pension of an amount equal to the amount of accrued additional pension would have been increased in the leaving year under PIA 1971 if—</p>
</intro>
<level class="para1" eId="regulation-45-2-a">
<num>(a)</num>
<content>
<p>that pension were eligible to be so increased; and</p>
</content>
</level>
<level class="para1" eId="regulation-45-2-b">
<num>(b)</num>
<content>
<p>the beginning date for that pension were the day after the relevant last day.</p>
</content>
</level>
</paragraph>
</hcontainer>
</chapter>
<chapter eId="part-4-chapter-2">
<num>CHAPTER 2</num>
<heading>Calculation of accrued pension</heading>
<hcontainer name="regulation" eId="regulation-46">
<heading>Calculation of amount of accrued pension for purposes of deferment or full retirement</heading>
<num>46.</num>
<paragraph eId="regulation-46-1">
<num>(1)</num>
<content>
<p>For the purpose of a full retirement pension, the amount of accrued pension is calculated in accordance with this regulation.</p>
</content>
</paragraph>
<paragraph eId="regulation-46-2">
<num>(2)</num>
<content>
<p>For the purpose of a deferred member's account, the amount of accrued earned pension is calculated in accordance with paragraph (3).</p>
</content>
</paragraph>
<paragraph eId="regulation-46-3">
<num>(3)</num>
<intro>
<p>The amount of accrued earned pension is the sum of the following amounts specified in the active member's account as at the end of the last day of pensionable service—</p>
</intro>
<level class="para1" eId="regulation-46-3-a">
<num>(a)</num>
<content>
<p>the opening balance of standard earned pension for the last active financial year and the index adjustment for that opening balance;</p>
</content>
</level>
<level class="para1" eId="regulation-46-3-b">
<num>(b)</num>
<content>
<p>the amount of standard earned pension (if any) for the last active financial year;</p>
</content>
</level>
<level class="para1" eId="regulation-46-3-c">
<num>(c)</num>
<content>
<p>the opening balance of faster accrual earned pension (if any) for the last active financial year and the index adjustment for that opening balance;</p>
</content>
</level>
<level class="para1" eId="regulation-46-3-d">
<num>(d)</num>
<content>
<p>the amount of faster accrual earned pension (if any) for the last active financial year;</p>
</content>
</level>
<level class="para1" eId="regulation-46-3-e">
<num>(e)</num>
<content>
<p>the opening balance of club transfer earned pension (if any) for the last active financial year and the index adjustment for that opening balance;</p>
</content>
</level>
<level class="para1" eId="regulation-46-3-f">
<num>(f)</num>
<content>
<p>the amount of club transfer earned pension (if any) for the last active financial year;</p>
</content>
</level>
<level class="para1" eId="regulation-46-3-g">
<num>(g)</num>
<content>
<p>the opening balance of transferred pension (if any) for the last active financial year and the index adjustment for that opening balance; and</p>
</content>
</level>
<level class="para1" eId="regulation-46-3-h">
<num>(h)</num>
<content>
<p>the amount of transferred pension (if any) for the last active financial year.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-46-4">
<num>(4)</num>
<intro>
<p>The amount of accrued additional pension is—</p>
</intro>
<level class="para1" eId="regulation-46-4-a">
<num>(a)</num>
<intro>
<p>the sum of the following amounts specified in the additional pension account as at the end of the last day of pensionable service—</p>
</intro>
<level class="para2" eId="regulation-46-4-a-i">
<num>(i)</num>
<content>
<p>the opening balance of additional pension for the last active financial year; and</p>
</content>
</level>
<level class="para2" eId="regulation-46-4-a-ii">
<num>(ii)</num>
<content>
<p>the PIA index adjustment (if any) for that opening balance; or</p>
</content>
</level>
</level>
<level class="para1" eId="regulation-46-4-b">
<num>(b)</num>
<content>
<p>an amount determined by the scheme manager under Part 2 of Schedule 2.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-46-5">
<num>(5)</num>
<content>
<p>
In these Regulations, “
<term refersTo="#term-the-last-active-financial-year" eId="term-the-last-active-financial-year">the last active financial year</term>
” means the financial year in which the last day of pensionable service falls.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-47">
<heading>Calculation of amount of accrued pension for purpose of phased retirement</heading>
<num>47.</num>
<paragraph eId="regulation-47-1">
<num>(1)</num>
<content>
<p>For the purpose of a phased retirement pension, the amount of accrued pension is calculated in accordance with this regulation.</p>
</content>
</paragraph>
<paragraph eId="regulation-47-2">
<num>(2)</num>
<intro>
<p>The amount of accrued earned pension is the phased retirement proportion of the sum of the following amounts specified in the active member's account as at the end of the relevant last day—</p>
</intro>
<level class="para1" eId="regulation-47-2-a">
<num>(a)</num>
<content>
<p>the opening balance of standard earned pension for the leaving year and the index adjustment for that opening balance;</p>
</content>
</level>
<level class="para1" eId="regulation-47-2-b">
<num>(b)</num>
<content>
<p>the amount of standard earned pension for the leaving year;</p>
</content>
</level>
<level class="para1" eId="regulation-47-2-c">
<num>(c)</num>
<content>
<p>the opening balance of faster accrual earned pension (if any) for the leaving year and the index adjustment for that opening balance;</p>
</content>
</level>
<level class="para1" eId="regulation-47-2-d">
<num>(d)</num>
<content>
<p>the amount of faster accrual earned pension (if any) for the leaving year;</p>
</content>
</level>
<level class="para1" eId="regulation-47-2-e">
<num>(e)</num>
<content>
<p>the opening balance of club transfer earned pension (if any) for the leaving year and the index adjustment for that opening balance;</p>
</content>
</level>
<level class="para1" eId="regulation-47-2-f">
<num>(f)</num>
<content>
<p>the amount of club transfer earned pension (if any) for the leaving year;</p>
</content>
</level>
<level class="para1" eId="regulation-47-2-g">
<num>(g)</num>
<content>
<p>the opening balance of transferred pension (if any) for the leaving year and the index adjustment for that opening balance; and</p>
</content>
</level>
<level class="para1" eId="regulation-47-2-h">
<num>(h)</num>
<content>
<p>the amount of transferred pension (if any) for the leaving year.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-47-3">
<num>(3)</num>
<intro>
<p>If a member claims payment of additional pension under regulation 94, the amount of accrued additional pension is—</p>
</intro>
<level class="para1" eId="regulation-47-3-a">
<num>(a)</num>
<intro>
<p>the sum of the following amounts specified in the additional pension account as at the end of the relevant last day—</p>
</intro>
<level class="para2" eId="regulation-47-3-a-i">
<num>(i)</num>
<content>
<p>the opening balance of additional pension for the leaving year; and</p>
</content>
</level>
<level class="para2" eId="regulation-47-3-a-ii">
<num>(ii)</num>
<content>
<p>the PIA index adjustment (if any) for that opening balance; or</p>
</content>
</level>
</level>
<level class="para1" eId="regulation-47-3-b">
<num>(b)</num>
<content>
<p>an amount determined by the scheme manager under Part 2 of Schedule 2.</p>
</content>
</level>
</paragraph>
</hcontainer>
</chapter>
<chapter eId="part-4-chapter-3">
<num>CHAPTER 3</num>
<heading>Pension accounts: general</heading>
<hcontainer name="regulation" eId="regulation-48">
<heading>Establishment of pension accounts: general</heading>
<num>48.</num>
<paragraph eId="regulation-48-1">
<num>(1)</num>
<content>
<p>The scheme manager must establish and maintain one or more pension accounts for each member of this scheme in accordance with this Part.</p>
</content>
</paragraph>
<paragraph eId="regulation-48-2">
<num>(2)</num>
<intro>
<p>A pension account—</p>
</intro>
<level class="para1" eId="regulation-48-2-a">
<num>(a)</num>
<content>
<p>may be kept in any form the scheme manager considers appropriate; and</p>
</content>
</level>
<level class="para1" eId="regulation-48-2-b">
<num>(b)</num>
<content>
<p>must specify the details required by these Regulations.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-48-3">
<num>(3)</num>
<content>
<p>References in these Regulations to any amount specified in a pension account are references to the amount that is required by these Regulations to be so specified and not, if different, the amount actually so specified.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-49">
<heading>Closure of pension accounts on transfer out or repayment of balance of contributions</heading>
<num>49.</num>
<intro>
<p>All pension accounts relating to a member (P) (other than a pension credit member's account) must be closed if—</p>
</intro>
<level class="para1" eId="regulation-49-a">
<num>(a)</num>
<content>
<p>a transfer payment is made in respect of P's accrued rights under this scheme; or</p>
</content>
</level>
<level class="para1" eId="regulation-49-b">
<num>(b)</num>
<content>
<p>P is repaid the balance of contributions under regulation 189.</p>
</content>
</level>
</hcontainer>
</chapter>
<chapter eId="part-4-chapter-4">
<num>CHAPTER 4</num>
<heading>Active member's account</heading>
<hcontainer name="regulation" eId="regulation-50">
<heading>Establishment of active member's account</heading>
<num>50.</num>
<paragraph eId="regulation-50-1">
<num>(1)</num>
<content>
<p>A pension account must be established for each active member (“the active member's account”) from the first day of pensionable service under this scheme.</p>
</content>
</paragraph>
<paragraph eId="regulation-50-2">
<num>(2)</num>
<content>
<p>If a person is an active member in relation to more than one employment, only one active member's account is to be established.</p>
</content>
</paragraph>
<paragraph eId="regulation-50-3">
<num>(3)</num>
<content>
<p>The active member's account must remain open until the member leaves all pensionable service under this scheme.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-51">
<heading>Receipt of transfer values</heading>
<num>51.</num>
<paragraph eId="regulation-51-1">
<num>(1)</num>
<content>
<p>This regulation applies if a transfer value is received from another pension scheme (other than a connected scheme) in relation to an active member of this scheme.</p>
</content>
</paragraph>
<paragraph eId="regulation-51-2">
<num>(2)</num>
<content>
<p>On receipt of the transfer value payment, the active member's account must be credited with the amount of transferred pension the member is entitled to count under Part 10 (transfers).</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-52">
<heading>Receipt of club transfer values</heading>
<num>52.</num>
<paragraph eId="regulation-52-1">
<num>(1)</num>
<content>
<p>This regulation applies if a club transfer value is received from another club scheme in relation to an active member of this scheme.</p>
</content>
</paragraph>
<paragraph eId="regulation-52-2">
<num>(2)</num>
<content>
<p>On receipt of the transfer value payment, the active member's account must be credited with an amount of club transfer earned pension the member is entitled to under Part 10 (transfers).</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-53">
<heading>Account to specify amount of pension for a financial year</heading>
<num>53.</num>
<paragraph eId="regulation-53-1">
<num>(1)</num>
<content>
<p>This regulation applies in relation to every financial year in which an active member's account is open.</p>
</content>
</paragraph>
<paragraph eId="regulation-53-2">
<num>(2)</num>
<intro>
<p>The active member's account must specify—</p>
</intro>
<level class="para1" eId="regulation-53-2-a">
<num>(a)</num>
<content>
<p>the amount of standard earned pension (if any) for the financial year;</p>
</content>
</level>
<level class="para1" eId="regulation-53-2-b">
<num>(b)</num>
<content>
<p>the amount of faster accrual earned pension (if any) for the financial year;</p>
</content>
</level>
<level class="para1" eId="regulation-53-2-c">
<num>(c)</num>
<content>
<p>the amount of club transfer earned pension (if any) for the financial year; and</p>
</content>
</level>
<level class="para1" eId="regulation-53-2-d">
<num>(d)</num>
<content>
<p>the amount of transferred pension (if any) for the financial year.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-53-3">
<num>(3)</num>
<intro>
<p>The amount is—</p>
</intro>
<level class="para1" eId="regulation-53-3-a">
<num>(a)</num>
<content>
<p>for standard earned pension, 1/57th of the member's pensionable earnings for that year;</p>
</content>
</level>
<level class="para1" eId="regulation-53-3-b">
<num>(b)</num>
<content>
<p>for faster accrual earned pension, the fraction of the member's pensionable earnings for that year specified in a faster accrual election;</p>
</content>
</level>
<level class="para1" eId="regulation-53-3-c">
<num>(c)</num>
<content>
<p>for club transfer earned pension, the sum of all club transfer values received in relation to the member in that year; and</p>
</content>
</level>
<level class="para1" eId="regulation-53-3-d">
<num>(d)</num>
<content>
<p>for transferred pension, the amount which a member is entitled to count under Part 10 (transfers) for that year.</p>
</content>
</level>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-54">
<heading>Account to specify opening balance and index adjustment</heading>
<num>54.</num>
<paragraph eId="regulation-54-1">
<num>(1)</num>
<content>
<p>This regulation applies in relation to every financial year in which an active member's account is open other than the financial year in which the account is established.</p>
</content>
</paragraph>
<paragraph eId="regulation-54-2">
<num>(2)</num>
<intro>
<p>The active member's account must specify—</p>
</intro>
<level class="para1" eId="regulation-54-2-a">
<num>(a)</num>
<content>
<p>the opening balance of standard earned pension for the financial year and the index adjustment for that opening balance;</p>
</content>
</level>
<level class="para1" eId="regulation-54-2-b">
<num>(b)</num>
<content>
<p>the opening balance of faster accrual earned pension (if any) for the financial year and the index adjustment for that opening balance; and</p>
</content>
</level>
<level class="para1" eId="regulation-54-2-c">
<num>(c)</num>
<content>
<p>the opening balance of transferred pension (if any) for the financial year and the index adjustment for that opening balance.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-54-3">
<num>(3)</num>
<intro>
<p>The opening balance in relation to a description of pension—</p>
</intro>
<level class="para1" eId="regulation-54-3-a">
<num>(a)</num>
<content>
<p>for the financial year immediately following the financial year in which the active member's account is established, means the amount of that pension for the previous financial year as at the end of the previous financial year;</p>
</content>
</level>
<level class="para1" eId="regulation-54-3-b">
<num>(b)</num>
<intro>
<p>for any subsequent financial year, means the sum of the following amounts—</p>
</intro>
<level class="para2" eId="regulation-54-3-b-i">
<num>(i)</num>
<content>
<p>the opening balance of that pension for the previous financial year and the index adjustment for that opening balance; and</p>
</content>
</level>
<level class="para2" eId="regulation-54-3-b-ii">
<num>(ii)</num>
<content>
<p>the amount of that pension for the previous financial year as at the end of the previous financial year.</p>
</content>
</level>
</level>
</paragraph>
<paragraph eId="regulation-54-4">
<num>(4)</num>
<intro>
<p>
In this regulation, “
<term refersTo="#term-a-description-of-pension" eId="term-a-description-of-pension">a description of pension</term>
” means—
</p>
</intro>
<level class="para1" eId="regulation-54-4-a">
<num>(a)</num>
<content>
<p>standard earned pension;</p>
</content>
</level>
<level class="para1" eId="regulation-54-4-b">
<num>(b)</num>
<content>
<p>faster accrual earned pension (if any);</p>
</content>
</level>
<level class="para1" eId="regulation-54-4-c">
<num>(c)</num>
<content>
<p>club transfer earned pension (if any); and</p>
</content>
</level>
<level class="para1" eId="regulation-54-4-d">
<num>(d)</num>
<content>
<p>transferred pension (if any).</p>
</content>
</level>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-55">
<heading>Ill-health pension ceases to be payable</heading>
<num>55.</num>
<intro>
<p>If an ill-health pension ceases to be payable to a person (P) under regulation 114 or 118 and P re-enters pensionable service—</p>
</intro>
<level class="para1" eId="regulation-55-a">
<num>(a)</num>
<content>
<p>the pensioner member's account must be closed;</p>
</content>
</level>
<level class="para1" eId="regulation-55-b">
<num>(b)</num>
<content>
<p>the active member's account must be re-established and credited with an amount equal to the annual rate of pension payable immediately before the ill-health pension ceased to be payable.</p>
</content>
</level>
</hcontainer>
<hcontainer name="regulation" eId="regulation-56">
<heading>Phased retirement pension ceases to be payable</heading>
<num>56.</num>
<intro>
<p>If a phased retirement pension ceases to be payable under regulation 97 and P re-enters pensionable service—</p>
</intro>
<level class="para1" eId="regulation-56-a">
<num>(a)</num>
<content>
<p>the pensioner member's account must be closed; and</p>
</content>
</level>
<level class="para1" eId="regulation-56-b">
<num>(b)</num>
<content>
<p>the active member's account must be adjusted by increasing the amount of accrued earned pension by the phased retirement proportion.</p>
</content>
</level>
</hcontainer>
</chapter>
<chapter eId="part-4-chapter-5">
<num>CHAPTER 5</num>
<heading>Additional pension account</heading>
<hcontainer name="regulation" eId="regulation-57">
<heading>Establishment of additional pension account</heading>
<num>57.</num>
<paragraph eId="regulation-57-1">
<num>(1)</num>
<content>
<p>An additional pension account must be established for each active member (P) in respect of whom an additional pension election is made.</p>
</content>
</paragraph>
<paragraph eId="regulation-57-2">
<num>(2)</num>
<content>
<p>If P is an active member in relation to more than one employment, only one additional pension account is to be established.</p>
</content>
</paragraph>
<paragraph eId="regulation-57-3">
<num>(3)</num>
<intro>
<p>The additional pension account must remain open until—</p>
</intro>
<level class="para1" eId="regulation-57-3-a">
<num>(a)</num>
<content>
<p>an additional pension is paid in respect of P;</p>
</content>
</level>
<level class="para1" eId="regulation-57-3-b">
<num>(b)</num>
<content>
<p>a transfer payment is made in respect of P's rights to the accrued additional pension; or</p>
</content>
</level>
<level class="para1" eId="regulation-57-3-c">
<num>(c)</num>
<content>
<p>all additional pension contributions are refunded under Part 2 of Schedule 2.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-57-4">
<num>(4)</num>
<content>
<p>Part 2 of Schedule 2 has effect in relation to the making of an additional pension election.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-58">
<heading>Account to specify amount of additional pension</heading>
<num>58.</num>
<paragraph eId="regulation-58-1">
<num>(1)</num>
<content>
<p>This regulation applies in relation to every financial year in which an additional pension election is made.</p>
</content>
</paragraph>
<paragraph eId="regulation-58-2">
<num>(2)</num>
<content>
<p>The additional pension account must specify in relation to any additional pension election made in that financial year an amount equal to the annual rate of additional (self only) pension specified in the additional pension election.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-59">
<heading>Account to specify opening balance and PIA index adjustment</heading>
<num>59.</num>
<paragraph eId="regulation-59-1">
<num>(1)</num>
<content>
<p>This regulation applies in relation to every financial year in which an additional pension account is open other than the financial year in which the account is established.</p>
</content>
</paragraph>
<paragraph eId="regulation-59-2">
<num>(2)</num>
<content>
<p>The account must specify the opening balance of additional pension for the financial year and the PIA index adjustment for that opening balance.</p>
</content>
</paragraph>
<paragraph eId="regulation-59-3">
<num>(3)</num>
<intro>
<p>The opening balance of additional pension—</p>
</intro>
<level class="para1" eId="regulation-59-3-a">
<num>(a)</num>
<content>
<p>for the financial year immediately following the financial year in which the additional pension account is established, means the amount of additional pension specified in the account as at the end of the previous financial year; and</p>
</content>
</level>
<level class="para1" eId="regulation-59-3-b">
<num>(b)</num>
<intro>
<p>for any subsequent financial year, means the sum of the following amounts—</p>
</intro>
<level class="para2" eId="regulation-59-3-b-i">
<num>(i)</num>
<content>
<p>the opening balance of additional pension for the previous financial year;</p>
</content>
</level>
<level class="para2" eId="regulation-59-3-b-ii">
<num>(ii)</num>
<content>
<p>the PIA index adjustment for that opening balance; and</p>
</content>
</level>
<level class="para2" eId="regulation-59-3-b-iii">
<num>(iii)</num>
<content>
<p>the amount of additional pension for the previous financial year.</p>
</content>
</level>
</level>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-60">
<heading>Ill-health pension ceases to be payable</heading>
<num>60.</num>
<paragraph eId="regulation-60-1">
<num>(1)</num>
<intro>
<p>This regulation applies if—</p>
</intro>
<level class="para1" eId="regulation-60-1-a">
<num>(a)</num>
<content>
<p>an additional pension is payable with an ill-health pension; and</p>
</content>
</level>
<level class="para1" eId="regulation-60-1-b">
<num>(b)</num>
<content>
<p>the ill-health pension ceases to be payable under regulation 114 or 118.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-60-2">
<num>(2)</num>
<content>
<p>The additional pension account must be re-established and credited with an amount equal to the annual rate of additional (self only) pension.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-61">
<heading>Phased retirement pension ceases to be payable</heading>
<num>61.</num>
<paragraph eId="regulation-61-1">
<num>(1)</num>
<intro>
<p>This regulation applies if—</p>
</intro>
<level class="para1" eId="regulation-61-1-a">
<num>(a)</num>
<content>
<p>an additional pension is payable with a phased retirement pension; and</p>
</content>
</level>
<level class="para1" eId="regulation-61-1-b">
<num>(b)</num>
<content>
<p>the phased retirement pension ceases to be payable under regulation 97.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-61-2">
<num>(2)</num>
<content>
<p>The additional pension account must be re-established and credited with an amount equal to the annual rate of additional (self only) pension.</p>
</content>
</paragraph>
</hcontainer>
</chapter>
<chapter eId="part-4-chapter-6">
<num>CHAPTER 6</num>
<heading>Deferred member's account</heading>
<hcontainer name="regulation" eId="regulation-62">
<heading>Establishment of deferred member's account</heading>
<num>62.</num>
<intro>
<p>When an active member leaves all pensionable service and becomes a deferred member—</p>
</intro>
<level class="para1" eId="regulation-62-a">
<num>(a)</num>
<content>
<p>the active member's account must be closed; and</p>
</content>
</level>
<level class="para1" eId="regulation-62-b">
<num>(b)</num>
<content>
<p>a pension account for the deferred member must be established (“deferred member's account”).</p>
</content>
</level>
</hcontainer>
<hcontainer name="regulation" eId="regulation-63">
<heading>Account to specify amount of accrued earned pension and leaver index adjustment</heading>
<num>63.</num>
<intro>
<p>The deferred member's account must specify—</p>
</intro>
<level class="para1" eId="regulation-63-a">
<num>(a)</num>
<content>
<p>the amount of accrued earned pension calculated under regulation 46(3); and</p>
</content>
</level>
<level class="para1" eId="regulation-63-b">
<num>(b)</num>
<content>
<p>the leaver index adjustment for that amount.</p>
</content>
</level>
</hcontainer>
<hcontainer name="regulation" eId="regulation-64">
<heading>Deferred member's account closed after break not exceeding 5 years</heading>
<num>64.</num>
<paragraph eId="regulation-64-1">
<num>(1)</num>
<intro>
<p>If a deferred member re-enters pensionable service under this scheme after a gap in service not exceeding 5 years—</p>
</intro>
<level class="para1" eId="regulation-64-1-a">
<num>(a)</num>
<content>
<p>the deferred member's account must be closed; and</p>
</content>
</level>
<level class="para1" eId="regulation-64-1-b">
<num>(b)</num>
<content>
<p>the active member's account must be re-established.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-64-2">
<num>(2)</num>
<intro>
<p>The active member's account—</p>
</intro>
<level class="para1" eId="regulation-64-2-a">
<num>(a)</num>
<content>
<p>must specify the amount of accrued earned pension as at the beginning of the gap in service; and</p>
</content>
</level>
<level class="para1" eId="regulation-64-2-b">
<num>(b)</num>
<content>
<p>must be adjusted as if the member had continued as an active member during the gap in service but had received no pensionable earnings.</p>
</content>
</level>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-65">
<heading>Deferred member's account closed after service under another public service scheme</heading>
<num>65.</num>
<paragraph eId="regulation-65-1">
<num>(1)</num>
<intro>
<p>This regulation applies if—</p>
</intro>
<level class="para1" eId="regulation-65-1-a">
<num>(a)</num>
<content>
<p>a deferred member (P) re-enters pensionable service under this scheme after a gap in service of more than 5 years;</p>
</content>
</level>
<level class="para1" eId="regulation-65-1-b">
<num>(b)</num>
<content>
<p>the gap in service included a period of service under another public service scheme; and</p>
</content>
</level>
<level class="para1" eId="regulation-65-1-c">
<num>(c)</num>
<content>
<p>
the period in which P was not in any service was
<ins class="substitution first last" ukl:ChangeId="key-bf8065fdb73f046691fe8d1b766e83f3-1586856035296" ukl:CommentaryRef="key-bf8065fdb73f046691fe8d1b766e83f3">
<noteRef uk:name="commentary" href="#key-bf8065fdb73f046691fe8d1b766e83f3" class="commentary"/>
5 years or less
</ins>
.
</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-65-2">
<num>(2)</num>
<intro>
<p>When P re-enters pensionable service under this scheme—</p>
</intro>
<level class="para1" eId="regulation-65-2-a">
<num>(a)</num>
<content>
<p>the deferred member's account must be closed; and</p>
</content>
</level>
<level class="para1" eId="regulation-65-2-b">
<num>(b)</num>
<content>
<p>the active member's account must be re-established.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-65-3">
<num>(3)</num>
<content>
<p>For the financial year in which the active member's account is re-established, the opening balance for each description of pension must be equal to the amount of accrued pension specified in the deferred member's account in relation to that description of pension as at the end of the gap in service.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-66">
<heading>Deferred member's account remains open after a gap in service of more than 5 years</heading>
<num>66.</num>
<paragraph eId="regulation-66-1">
<num>(1)</num>
<content>
<p>This regulation applies if a deferred member (P) re-enters pensionable service under this scheme after a gap in service of more than 5 years.</p>
</content>
</paragraph>
<paragraph eId="regulation-66-2">
<num>(2)</num>
<intro>
<p>When P re-enters pensionable service under this scheme (“the further service”)—</p>
</intro>
<level class="para1" eId="regulation-66-2-a">
<num>(a)</num>
<content>
<p>the deferred member's account remains open; and</p>
</content>
</level>
<level class="para1" eId="regulation-66-2-b">
<num>(b)</num>
<content>
<p>an active member's account must be established in respect of the further service.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-66-3">
<num>(3)</num>
<content>
<p>
In this regulation, “
<term refersTo="#term-gap-in-service" eId="term-gap-in-service">gap in service</term>
” does not include any period of service under another public service pensions scheme.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-67">
<heading>Deferred member's account established after ill-health pension ceases to be payable</heading>
<num>67.</num>
<intro>
<p>If an ill-health pension ceases to be payable to a person (P) under regulation 114 or 118 and P does not re-enter pensionable service—</p>
</intro>
<level class="para1" eId="regulation-67-a">
<num>(a)</num>
<content>
<p>a deferred member's account must be established; and</p>
</content>
</level>
<level class="para1" eId="regulation-67-b">
<num>(b)</num>
<content>
<p>that account must be credited with an amount equal to the annual rate of pension payable immediately before the ill-health pension ceased to be payable.</p>
</content>
</level>
</hcontainer>
<hcontainer name="regulation" eId="regulation-68">
<heading>Deferred member's account established after phased retirement pension ceases to be payable</heading>
<num>68.</num>
<intro>
<p>If a phased retirement pension ceases to be payable to a person (P) under regulation 97 and P does not re-enter pensionable service—</p>
</intro>
<level class="para1" eId="regulation-68-a">
<num>(a)</num>
<content>
<p>a deferred member's account must be established; and</p>
</content>
</level>
<level class="para1" eId="regulation-68-b">
<num>(b)</num>
<content>
<p>the scheme manager must increase the amount of accrued earned pension by the phased retirement proportion.</p>
</content>
</level>
</hcontainer>
</chapter>
<chapter eId="part-4-chapter-7">
<num>CHAPTER 7</num>
<heading>Pensioner members' accounts</heading>
<section ukl:Name="Pblock" eId="part-4-chapter-7-crossheading-interpretation">
<num>SECTION 1</num>
<heading>
<i>Interpretation</i>
</heading>
<hcontainer name="regulation" eId="regulation-69">
<heading>Meaning of “full retirement earned pension”</heading>
<num>69.</num>
<paragraph eId="regulation-69-1">
<num>(1)</num>
<intro>
<p>The amount of full retirement earned pension is the sum of—</p>
</intro>
<level class="para1" eId="regulation-69-1-a">
<num>(a)</num>
<content>
<p>the amount of accrued earned pension calculated under regulation 46(3); and</p>
</content>
</level>
<level class="para1" eId="regulation-69-1-b">
<num>(b)</num>
<content>
<p>the leaver index adjustment for that amount.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-69-2">
<num>(2)</num>
<content>
<p>In calculating the amount of full retirement earned pension, the leaver index adjustment is not applied to the amount of accrued earned pension if a transfer payment is made in respect of the member's rights to that accrued pension before the end of the last active financial year.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-70">
<heading>Meaning of “full retirement additional pension”</heading>
<num>70.</num>
<paragraph eId="regulation-70-1">
<num>(1)</num>
<intro>
<p>The amount of full retirement additional pension is the sum of—</p>
</intro>
<level class="para1" eId="regulation-70-1-a">
<num>(a)</num>
<content>
<p>the amount of accrued additional pension calculated under regulation 46(4); and</p>
</content>
</level>
<level class="para1" eId="regulation-70-1-b">
<num>(b)</num>
<content>
<p>the leaver PIA index adjustment for that amount.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-70-2">
<num>(2)</num>
<content>
<p>In calculating the amount of full retirement additional pension, the leaver PIA index adjustment is not applied to the amount of accrued additional pension if a transfer payment is made in respect of the member's rights to that accrued pension before the end of the last active financial year.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-71">
<heading>Meaning of “phased retirement earned pension”</heading>
<num>71.</num>
<intro>
<p>The amount of phased retirement earned pension is the sum of—</p>
</intro>
<level class="para1" eId="regulation-71-a">
<num>(a)</num>
<content>
<p>the amount of accrued earned pension calculated under regulation 47(2); and</p>
</content>
</level>
<level class="para1" eId="regulation-71-b">
<num>(b)</num>
<content>
<p>the leaver index adjustment for that amount.</p>
</content>
</level>
</hcontainer>
<hcontainer name="regulation" eId="regulation-72">
<heading>Meaning of “phased retirement additional pension”</heading>
<num>72.</num>
<intro>
<p>The amount of phased retirement additional pension is the sum of—</p>
</intro>
<level class="para1" eId="regulation-72-a">
<num>(a)</num>
<content>
<p>the amount of accrued additional pension calculated under regulation 47(3); and</p>
</content>
</level>
<level class="para1" eId="regulation-72-b">
<num>(b)</num>
<content>
<p>the leaver PIA index adjustment for that amount.</p>
</content>
</level>
</hcontainer>
<hcontainer name="regulation" eId="regulation-73">
<heading>Meaning of “standard reduction”</heading>
<num>73.</num>
<paragraph eId="regulation-73-1">
<num>(1)</num>
<content>
<p>The standard reduction is 3% and applies in relation to a maximum of 3 years between age 65 and a member's normal pension age.</p>
</content>
</paragraph>
<paragraph eId="regulation-73-2">
<num>(2)</num>
<intro>
<p>The standard reduction is applied when calculating the annual rate of pension payable to a member (P) who—</p>
</intro>
<level class="para1" eId="regulation-73-2-a">
<num>(a)</num>
<content>
<p>was an active member immediately before the entitlement day for a phased retirement pension, premature retirement pension or early retirement pension; and</p>
</content>
</level>
<level class="para1" eId="regulation-73-2-b">
<num>(b)</num>
<intro>
<p>on the entitlement day for that pension—</p>
</intro>
<level class="para2" eId="regulation-73-2-b-i">
<num>(i)</num>
<content>
<p>has reached normal minimum pension age; but</p>
</content>
</level>
<level class="para2" eId="regulation-73-2-b-ii">
<num>(ii)</num>
<content>
<p>has not reached normal pension age.</p>
</content>
</level>
</level>
</paragraph>
<paragraph eId="regulation-73-3">
<num>(3)</num>
<content>
<p>If a retirement pension becomes payable to P on or after the date on which P reaches 65, the standard reduction applies in relation to a proportion, determined by the scheme manager, of the time left until P reaches normal pension age.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-74">
<heading>Meaning of “actuarial adjustment”</heading>
<num>
<ins class="substitution first" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">
<noteRef uk:name="commentary" href="#key-48be3b6a8877b140cd85c0254d6bcef3" class="commentary"/>
74.
</ins>
</num>
<paragraph eId="regulation-74-1">
<num>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">(1)</ins>
</num>
<intro>
<p>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">In these Regulations, “actuarial adjustment” means the actuarial adjustment that is applied when calculating the annual rate of pension payable to—</ins>
</p>
</intro>
<level class="para1" eId="regulation-74-1-a">
<num>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">(a)</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">a member who, on the entitlement day for a pension other than an age retirement pension or an ill-health pension, has not reached normal pension age; or</ins>
</p>
</content>
</level>
<level class="para1" eId="regulation-74-1-b">
<num>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">(b)</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">an active member or a deferred member who becomes a pensioner member after reaching normal pension age.</ins>
</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-74-2">
<num>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">(2)</ins>
</num>
<intro>
<p>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">In the case of an actuarial adjustment applied under paragraph (1)(b)—</ins>
</p>
</intro>
<level class="para1" eId="regulation-74-2-a">
<num>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">(a)</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">the actuarial adjustment only relates to a period of pensionable service of the active member or the deferred member after reaching normal pension age; and</ins>
</p>
</content>
</level>
<level class="para1" eId="regulation-74-2-b">
<num>
<ins class="substitution" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">(b)</ins>
</num>
<content>
<p>
<ins class="substitution last" ukl:ChangeId="key-48be3b6a8877b140cd85c0254d6bcef3-1586949172810" ukl:CommentaryRef="key-48be3b6a8877b140cd85c0254d6bcef3">the actuarial adjustment must only be applied to the accrued earned pension of the active member or the deferred member that accrued before reaching normal pension age.</ins>
</p>
</content>
</level>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-75">
<heading>Meaning of “conversion amount”</heading>
<num>75.</num>
<content>
<p>
In these Regulations, “
<term refersTo="#term-conversion-amount" eId="term-conversion-amount">conversion amount</term>
”, in relation to any pension converted in part to a lump sum under regulation 168, means the amount of pension converted to a lump sum.
</p>
</content>
</hcontainer>
</section>
<section ukl:Name="Pblock" eId="part-4-chapter-7-crossheading-establishment-of-pensioner-members-accounts">
<num>SECTION 2</num>
<heading>
<i>Establishment of pensioner members' accounts</i>
</heading>
<hcontainer name="regulation" eId="regulation-76">
<heading>Pension accounts for active or deferred members who become pensioner members</heading>
<num>76.</num>
<paragraph eId="regulation-76-1">
<num>(1)</num>
<intro>
<p>When an active member becomes entitled to payment of a retirement pension other than a phased retirement pension in respect of any pensionable service—</p>
</intro>
<level class="para1" eId="regulation-76-1-a">
<num>(a)</num>
<content>
<p>the active member's account and any additional pension account must be closed; and</p>
</content>
</level>
<level class="para1" eId="regulation-76-1-b">
<num>(b)</num>
<content>
<p>a pension account for the pensioner member must be established (“the pensioner member's account”).</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-76-2">
<num>(2)</num>
<intro>
<p>When a deferred member becomes entitled to payment of a retirement pension other than a phased retirement pension in respect of any pensionable service—</p>
</intro>
<level class="para1" eId="regulation-76-2-a">
<num>(a)</num>
<content>
<p>the deferred member's account and any additional pension account must be closed; and</p>
</content>
</level>
<level class="para1" eId="regulation-76-2-b">
<num>(b)</num>
<content>
<p>a pension account for the pensioner member must be established (“the pensioner member's account”).</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-76-3">
<num>(3)</num>
<intro>
<p>The pensioner member's account must specify—</p>
</intro>
<level class="para1" eId="regulation-76-3-a">
<num>(a)</num>
<intro>
<p>the amount of full retirement earned pension payable to the member, and for that amount—</p>
</intro>
<level class="para2" eId="regulation-76-3-a-i">
<num>(i)</num>
<content>
<p>the standard reduction (if any);</p>
</content>
</level>
<level class="para2" eId="regulation-76-3-a-ii">
<num>(ii)</num>
<content>
<p>the actuarial adjustment (if any); and</p>
</content>
</level>
<level class="para2" eId="regulation-76-3-a-iii">
<num>(iii)</num>
<content>
<p>the conversion amount (if any); and</p>
</content>
</level>
</level>
<level class="para1" eId="regulation-76-3-b">
<num>(b)</num>
<intro>
<p>the amount of full retirement additional pension payable to the member, and for that amount—</p>
</intro>
<level class="para2" eId="regulation-76-3-b-i">
<num>(i)</num>
<content>
<p>the actuarial adjustment (if any); and</p>
</content>
</level>
<level class="para2" eId="regulation-76-3-b-ii">
<num>(ii)</num>
<content>
<p>the conversion amount (if any).</p>
</content>
</level>
</level>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-77">
<heading>Pension accounts for phased retirement members</heading>
<num>77.</num>
<paragraph eId="regulation-77-1">
<num>(1)</num>
<intro>
<p>On the entitlement day for a phased retirement pension—</p>
</intro>
<level class="para1" eId="regulation-77-1-a">
<num>(a)</num>
<content>
<p>a pensioner member's account must be established for the member;</p>
</content>
</level>
<level class="para1" eId="regulation-77-1-b">
<num>(b)</num>
<content>
<p>if the member is an active member, the active member's account must be adjusted by reducing the amount of accrued earned pension specified in that account by the phased retirement proportion;</p>
</content>
</level>
<level class="para1" eId="regulation-77-1-c">
<num>(c)</num>
<content>
<p>if the member is a deferred member, the deferred member's account must be adjusted by reducing the amount of accrued earned pension specified in that account by the phased retirement proportion;</p>
</content>
</level>
<level class="para1" eId="regulation-77-1-d">
<num>(d)</num>
<content>
<p>after the adjustment, Chapters 2 and 3 apply in relation to the member as if the amount of accrued earned pension specified in the active member's account or deferred member's account had always been reduced by the phased retirement proportion; and</p>
</content>
</level>
<level class="para1" eId="regulation-77-1-e">
<num>(e)</num>
<content>
<p>if the member has applied under regulation 94 to receive additional pension with the phased retirement earned pension, the additional pension account must be closed.</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-77-2">
<num>(2)</num>
<intro>
<p>The pensioner member's account must specify—</p>
</intro>
<level class="para1" eId="regulation-77-2-a">
<num>(a)</num>
<intro>
<p>the amount of phased retirement earned pension payable to the member, and for that amount—</p>
</intro>
<level class="para2" eId="regulation-77-2-a-i">
<num>(i)</num>
<content>
<p>the standard reduction (if any);</p>
</content>
</level>
<level class="para2" eId="regulation-77-2-a-ii">
<num>(ii)</num>
<content>
<p>the actuarial adjustment (if any); and</p>
</content>
</level>
<level class="para2" eId="regulation-77-2-a-iii">
<num>(iii)</num>
<content>
<p>the conversion amount (if any); and</p>
</content>
</level>
</level>
<level class="para1" eId="regulation-77-2-b">
<num>(b)</num>
<intro>
<p>the amount of phased retirement additional pension payable to the member, and for that amount—</p>
</intro>
<level class="para2" eId="regulation-77-2-b-i">
<num>(i)</num>
<content>
<p>the actuarial adjustment (if any); and</p>
</content>
</level>
<level class="para2" eId="regulation-77-2-b-ii">
<num>(ii)</num>
<content>
<p>the conversion amount (if any).</p>
</content>
</level>
</level>
</paragraph>
</hcontainer>
</section>
<section ukl:Name="Pblock" eId="part-4-chapter-7-crossheading-closure-of-accounts">
<num>SECTION 3</num>
<heading>
<i>Closure of accounts</i>
</heading>
<hcontainer name="regulation" eId="regulation-78">
<heading>Ill-health pension ceases to be payable</heading>
<num>78.</num>
<content>
<p>If an ill-health pension ceases to be payable under regulation 114 or 118, the pensioner member's account must be closed.</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-79">
<heading>Phased retirement pension ceases to be payable</heading>
<num>79.</num>
<content>
<p>If a phased retirement pension ceases to be payable under regulation 97, the pensioner member's account must be closed.</p>
</content>
</hcontainer>
</section>
</chapter>
<chapter eId="part-4-chapter-8">
<num>CHAPTER 8</num>
<heading>Pension credit member's pension account</heading>
<hcontainer name="regulation" eId="regulation-80">
<heading>Pension credit member's pension account</heading>
<num>80.</num>
<paragraph eId="regulation-80-1">
<num>(1)</num>
<content>
<p>A pension account must be established for each pension credit member (“the pension credit member's account”).</p>
</content>
</paragraph>
<paragraph eId="regulation-80-2">
<num>(2)</num>
<intro>
<p>The pension credit member's account must specify the amount of credited pension and for that amount—</p>
</intro>
<level class="para1" eId="regulation-80-2-a">
<num>(a)</num>
<content>
<p>the actuarial adjustment (if any); and</p>
</content>
</level>
<level class="para1" eId="regulation-80-2-b">
<num>(b)</num>
<content>
<p>the conversion amount (if any).</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-80-3">
<num>(3)</num>
<content>
<p>
In these Regulations, “
<term refersTo="#term-amount-of-credited-pension" eId="term-amount-of-credited-pension">amount of credited pension</term>
” means an amount equal to the pension credit calculated in accordance with regulations made under paragraph 5(b) of Schedule 5 to WRPA 1999.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-81">
<heading>Separate account for each capacity of membership</heading>
<num>81.</num>
<paragraph eId="regulation-81-1">
<num>(1)</num>
<content>
<p>If a pension credit member is also an active member, deferred member or pensioner member, the pension credit member's account is in addition to the other account or accounts to be established under this Part in respect of the member in the other capacity.</p>
</content>
</paragraph>
<paragraph eId="regulation-81-2">
<num>(2)</num>
<content>
<p>If a pension credit member has rights under this scheme which are attributable, directly or indirectly, to pension credit derived from the rights of more than one pension debit member of this scheme, a separate account is to be established under this regulation in respect of the pension credit attributable to the rights of each such pension debit member.</p>
</content>
</paragraph>
</hcontainer>
</chapter>
</part>
</body>
</act>
</akomaNtoso>