http://www.legislation.gov.uk/uksi/2014/512/part/7/chapter/2/2021-08-01The Teachers' Pension Scheme Regulations 2014texttext/xmlenStatute Law DatabasePUBLIC SERVICE PENSIONS, ENGLAND AND WALESEDUCATION, ENGLAND AND WALES2024-05-16Expert Participation2021-08-01 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. PART 7 Benefits for pension credit membersCHAPTER 2Pension credit retirement pensionEntitlement day for pension credit retirement pension1541The entitlement day for a person’s (P’s) pension credit retirement pension is—athe day on which P reaches normal pension age; orbif 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.2The entitlement day must not be before the day on which a pension-sharing order takes effect.Entitlement to pension credit retirement pension1551A 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.2If P is entitled to 2 or more pension credits—abenefits are payable to P under this scheme as if P were 2 or more members, each being entitled to one of the pension credits; andbthe amounts payable are determined accordingly.3A pension credit retirement pension is payable for life.Annual rate of pension credit retirement pension156The annual rate of a pension credit retirement pension is found by—ataking the amount of credited pension specified in the pension credit member's account;bapplying the actuarial adjustment (if any) specified in the account in relation to that amount; andcsubtracting the conversion amount (if any) specified in that account in relation to that amount.Words in reg. 154(1) inserted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 13(a)Word in reg. 154(1)(a) substituted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 13(b)
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<dc:identifier>http://www.legislation.gov.uk/uksi/2014/512/part/7/chapter/2/2021-08-01</dc:identifier>
<dc:title>The Teachers' Pension Scheme Regulations 2014</dc:title>
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<dc:subject scheme="SIheading">PUBLIC SERVICE PENSIONS, ENGLAND AND WALES</dc:subject>
<dc:subject scheme="SIheading">EDUCATION, ENGLAND AND WALES</dc:subject>
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<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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<Strong>PART 7</Strong>
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<Title>Benefits for pension credit members</Title>
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<Number>CHAPTER 2</Number>
<Title>Pension credit retirement pension</Title>
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<Title>Entitlement day for pension credit retirement pension</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2014/512/regulation/154/2021-08-01" IdURI="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/154" id="regulation-154">
<Pnumber>154</Pnumber>
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The entitlement day for a
<Addition ChangeId="key-9ecc776fac2e81b21714e06223ba8880-1586857988282" CommentaryRef="key-9ecc776fac2e81b21714e06223ba8880">person’s (P’s)</Addition>
pension credit retirement pension is—
</Text>
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the day on which
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reaches normal pension age; or
</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>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.</Text>
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<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/512/regulation/154/2/2021-08-01" IdURI="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/154/2" id="regulation-154-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The entitlement day must not be before the day on which a pension-sharing order takes effect.</Text>
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<P1group RestrictStartDate="2015-04-01">
<Title>Entitlement to pension credit retirement pension</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2014/512/regulation/155/2021-08-01" IdURI="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/155" id="regulation-155">
<Pnumber>155</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/512/regulation/155/1/2021-08-01" IdURI="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/155/1" id="regulation-155-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>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.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/512/regulation/155/2/2021-08-01" IdURI="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/155/2" id="regulation-155-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>If P is entitled to 2 or more pension credits—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/512/regulation/155/2/a/2021-08-01" IdURI="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/155/2/a" id="regulation-155-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>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</Text>
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<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/512/regulation/155/2/b/2021-08-01" IdURI="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/155/2/b" id="regulation-155-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the amounts payable are determined accordingly.</Text>
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<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/512/regulation/155/3/2021-08-01" IdURI="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/155/3" id="regulation-155-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>A pension credit retirement pension is payable for life.</Text>
</P2para>
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<P1group RestrictStartDate="2015-04-01">
<Title>Annual rate of pension credit retirement pension</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2014/512/regulation/156/2021-08-01" IdURI="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/156" id="regulation-156">
<Pnumber>156</Pnumber>
<P1para>
<Text>The annual rate of a pension credit retirement pension is found by—</Text>
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<Pnumber>a</Pnumber>
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<Text>taking the amount of credited pension specified in the pension credit member's account;</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>applying the actuarial adjustment (if any) specified in the account in relation to that amount; and</Text>
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<Pnumber>c</Pnumber>
<P3para>
<Text>subtracting the conversion amount (if any) specified in that account in relation to that amount.</Text>
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<Para>
<Text>
Words in
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inserted (1.4.2015) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/2652" id="cqm1glni3-00007" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="2652" Title="The Teachers Pension Scheme (Amendment) Regulations 2014">The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652)</Citation>
,
<CitationSubRef id="cqm1glni3-00008" CitationRef="cqm1glni3-00007" SectionRef="regulation-1" URI="http://www.legislation.gov.uk/id/uksi/2014/2652/regulation/1">regs. 1</CitationSubRef>
,
<CitationSubRef id="cqm1glni3-00009" CitationRef="cqm1glni3-00007" SectionRef="regulation-13-a" URI="http://www.legislation.gov.uk/id/uksi/2014/2652/regulation/13/a" Operative="true">13(a)</CitationSubRef>
</Text>
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<Para>
<Text>
Word in
<CitationSubRef id="cqm1glni3-00015" SectionRef="regulation-154-1-a" URI="http://www.legislation.gov.uk/id/uksi/2014/512/regulation/154/1/a">reg. 154(1)(a)</CitationSubRef>
substituted (1.4.2015) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/2652" id="cqm1glni3-00016" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="2652" Title="The Teachers Pension Scheme (Amendment) Regulations 2014">The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652)</Citation>
,
<CitationSubRef id="cqm1glni3-00017" CitationRef="cqm1glni3-00016" SectionRef="regulation-1" URI="http://www.legislation.gov.uk/id/uksi/2014/2652/regulation/1">regs. 1</CitationSubRef>
,
<CitationSubRef id="cqm1glni3-00018" CitationRef="cqm1glni3-00016" SectionRef="regulation-13-b" URI="http://www.legislation.gov.uk/id/uksi/2014/2652/regulation/13/b" Operative="true">13(b)</CitationSubRef>
</Text>
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