CHAPTER 5E+WEarly retirement
Meaning of “entitlement day” (early retirement pension)E+W
103.—(1) The entitlement day for an early retirement pension is as follows.
(2) If a person (P) is not in eligible employment when P applies under regulation 162 for payment of the pension, the entitlement day is a day specified in P's application which is at least 6 weeks after the day on which the application is made.
(3) If P is in eligible employment when P applies under regulation 162 for payment of the pension and P's employer agrees that an early retirement pension should become payable to P, the entitlement day is the day after P leaves all eligible employment.
(4) If P is in eligible employment when P applies under regulation 162 for payment of the pension and P's employer does not agree that an early retirement pension should become payable to P—
(a)if P continues in eligible employment for at least 6 months after the date on which P asks P's employer to agree, the entitlement day is the day after P leaves all eligible employment;
(b)if P leaves all eligible employment before the end of 6 months after the date on which P asks P's employer to agree, the entitlement day is a day specified in P's application which is at least 6 weeks after the day on which the application is made.
(5) Despite sub-paragraphs (2) to (4), the entitlement day must not be before the day on which P—
(a)reaches normal minimum pension age; or
(b)leaves all eligible employment.
Entitlement to early retirement pensionE+W
104.—(1) A person (P) is entitled to payment of an early retirement pension from the entitlement day if—
(a)P has reached normal minimum pension age but has not reached normal pension age;
(b)P is qualified or re-qualified for retirement benefits;
(c)P has left all eligible employment;
(d)P has applied under regulation 162 for the payment of an early retirement pension; and
(e)P has not applied under that regulation for payment of any other retirement pension.
[(1A) P is not entitled to payment of an early retirement pension from the entitlement day if—
(a)P has applied under regulation 162 for payment of an early retirement pension;
(b)P’s application is made in accordance with regulation 103(2) or (4)(b); and
(c)P returns to eligible employment before the entitlement day specified in P’s application.]
(2) P is not entitled to payment of an early retirement pension in respect of any pensionable service after P reaches normal pension age.
(3) An early retirement pension is payable for life.
Annual rate of early retirement pensionE+W
105. The annual rate of the early retirement pension payable to a person (P) is found by—
(a)taking the amount of full retirement earned pension specified in P's pensioner member's account;
(b)applying the standard reduction (if any) and the actuarial adjustment (if any) specified in that account in relation to that amount;
(c)subtracting the conversion amount (if any) specified in that account in relation to that amount;
(d)adding the amount of full retirement additional pension (if any) specified in that account;
(e)applying the actuarial adjustment (if any) specified in that account in relation to that amount; and
(f)subtracting the conversion amount (if any) specified in that account in relation to that amount.