PART 7Benefits for pension credit members

CHAPTER 2Pension credit retirement pension

Entitlement day for pension credit retirement pension154.

(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 pension155.

(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 pension156.

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.