The Local Government Pension Scheme Regulations (Northern Ireland) 2014

Retirement pension accounts: active members

27.—(1) When an active member becomes entitled to immediate payment of a full retirement pension in relation to an employment—

(a) the active member’s pension account shall be closed; and

(b) a retirement pension account shall be opened.

(2) The retirement pension account shall specify—

(a) the amount of accrued pension;

(b) the amount of any additional pension purchased under regulation 19(7)(b)(i) (additional voluntary contributions);

(c) the early payment reduction or deferred payment enhancement (if any) and the amount of pension to which that reduction or enhancement is to be applied;

(d) the commutation amount (if any);

(e) the amount of any pension adjustment; and

(f) the amount of pension payable from time to time and the date from which it is to be paid.

(3) Subject to paragraph (4), the amount of accrued pension for the purposes of paragraph (2)(a) is the amount that would have been specified under regulation 26(4) (deferred member’s pension account and deferred refund account) if a deferred member’s pension account had been opened for that member.

(4) The amount of accrued pension specified in paragraph (2)(a) shall be reduced to take account of the commutation amount (if any) in paragraph (2)(d).

(5) The amount of any pension adjustment not already accounted for under paragraph (2)(a) is, for the purposes of paragraph (2)(e), the aggregate of the amounts calculated in accordance with actuarial guidance issued by the Department to account for any tax to which the Committee may become chargeable under the 2004 Finance Act in accordance with regulation 97 (tax) or as a result of a pension sharing order.

(6) The balance in the member’s retirement pension account at the end of the Scheme year in which the member becomes a pensioner member is adjusted at the beginning of the following Scheme year by the revaluation adjustment applicable to the Scheme year in which the member became a pensioner member, in accordance with actuarial guidance issued by the Department.

(7) The revalued balance calculated under paragraph (6) is the opening balance for the following Scheme year and, thereafter, the balance is adjusted each year by the index rate adjustment from the date that an increase would apply if that balance were a pension in payment to which the 1971 Act applied.

(8) For the purposes of this regulation a full retirement pension means a retirement pension other than a pension payable under regulation 31(6) (retirement benefits, flexible retirement pensions).