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The Teachers' Pension Scheme Regulations 2014

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Changes over time for: CHAPTER 2

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Point in time view as at 01/08/2021.

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There are currently no known outstanding effects for the The Teachers' Pension Scheme Regulations 2014, CHAPTER 2. Help about Changes to Legislation

CHAPTER 2E+WPension credit retirement pension

Entitlement day for pension credit retirement pensionE+W

154.—(1) The entitlement day for a [F1person’s (P’s)] pension credit retirement pension is—

(a)the day on which [F2P] reaches normal pension age; or

(b)if P has reached normal minimum pension age but has not reached normal pension age, a day specified in P's application under regulation 162 for payment of the pension which is at least 6 weeks after the day on which the application is made.

(2) The entitlement day must not be before the day on which a pension-sharing order takes effect.

Entitlement to pension credit retirement pensionE+W

155.—(1) A pension credit member (P) is entitled to payment of a pension credit retirement pension from the entitlement day if P has applied under regulation 162 for payment of the pension.

(2) If P is entitled to 2 or more pension credits—

(a)benefits are payable to P under this scheme as if P were 2 or more members, each being entitled to one of the pension credits; and

(b)the amounts payable are determined accordingly.

(3) A pension credit retirement pension is payable for life.

Annual rate of pension credit retirement pensionE+W

156.  The annual rate of a pension credit retirement pension is found by—

(a)taking the amount of credited pension specified in the pension credit member's account;

(b)applying the actuarial adjustment (if any) specified in the account in relation to that amount; and

(c)subtracting the conversion amount (if any) specified in that account in relation to that amount.

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