Reg. 74 substituted (30.11.2017) by The Teachers Pensions Schemes (Miscellaneous Amendments) Regulations 2017 (S.I. 2017/1084), regs. 1, 9
The amount of full retirement earned pension is the sum of—
the amount of accrued earned pension calculated under regulation 46(3); and
the leaver index adjustment for that amount.
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.
The amount of full retirement additional pension is the sum of—
the amount of accrued additional pension calculated under regulation 46(4); and
the leaver PIA index adjustment for that amount.
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.
The amount of phased retirement earned pension is the sum of—
the amount of accrued earned pension calculated under regulation 47(2); and
the leaver index adjustment for that amount.
The amount of phased retirement additional pension is the sum of—
the amount of accrued additional pension calculated under regulation 47(3); and
the leaver PIA index adjustment for that amount.
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.
The standard reduction is applied when calculating the annual rate of pension payable to a member (P) who—
was an active member immediately before the entitlement day for a phased retirement pension, premature retirement pension or early retirement pension; and
on the entitlement day for that pension—
has reached normal minimum pension age; but
has not reached normal pension age.
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.
In these Regulations, “actuarial adjustment” means the actuarial adjustment that is applied when calculating the annual rate of pension payable to—
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
an active member or a deferred member who becomes a pensioner member after reaching normal pension age.
In the case of an actuarial adjustment applied under paragraph (1)(b)—
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
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.
In these Regulations, “
When an active member becomes entitled to payment of a retirement pension other than a phased retirement pension in respect of any pensionable service—
the active member's account and any additional pension account must be closed; and
a pension account for the pensioner member must be established (“the pensioner member's account”).
When a deferred member becomes entitled to payment of a retirement pension other than a phased retirement pension in respect of any pensionable service—
the deferred member's account and any additional pension account must be closed; and
a pension account for the pensioner member must be established (“the pensioner member's account”).
The pensioner member's account must specify—
the amount of full retirement earned pension payable to the member, and for that amount—
the standard reduction (if any);
the actuarial adjustment (if any); and
the conversion amount (if any); and
the amount of full retirement additional pension payable to the member, and for that amount—
the actuarial adjustment (if any); and
the conversion amount (if any).
On the entitlement day for a phased retirement pension—
a pensioner member's account must be established for the member;
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;
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;
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
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.
The pensioner member's account must specify—
the amount of phased retirement earned pension payable to the member, and for that amount—
the standard reduction (if any);
the actuarial adjustment (if any); and
the conversion amount (if any); and
the amount of phased retirement additional pension payable to the member, and for that amount—
the actuarial adjustment (if any); and
the conversion amount (if any).
If an ill-health pension ceases to be payable under regulation 114 or 118, the pensioner member's account must be closed.
If a phased retirement pension ceases to be payable under regulation 97, the pensioner member's account must be closed.