PART 5Pension accounts
CHAPTER 6Deferred member’s account
Application of ChapterI146
1
This Chapter applies in relation to a continuous period of pensionable service under this scheme.
2
For a person who is a deferred member of this scheme in relation to 2 or more continuous periods of pensionable service, this Chapter applies separately in relation to each of those periods of service.
Establishment of deferred member’s accountI247
1
This regulation applies when an active member of this scheme becomes a deferred member of this scheme in relation to a continuous period of pensionable service.
2
The scheme manager must—
a
close the active member’s account for that period of service; and
b
establish a pension account for the deferred member for that period of service.
3
For the purpose of these Regulations, an account established under paragraph (2)(b) is called a deferred member’s account.
Provisional amount of deferred pensionI348
1
The deferred member’s account must specify the provisional amount of each description of deferred pension.
2
The provisional amount of each description of deferred pension is the sum of—
a
the amount of the relevant accrued pension calculated under regulation 35 (“accrued amount”);
b
the retirement index adjustment for the accrued amount; and
c
the assumed age addition (if any) for the accrued amount.
3
The retirement index adjustment is not applied in relation to an amount of accrued pension if a transfer payment was made before the end of the last active scheme year in respect of the member’s rights to that accrued pension.
4
In this regulation, “relevant accrued pension” means—
a
for a deferred standard earned pension, accrued standard earned pension;
b
for a deferred earned pension attributable to an effective pension age option or, accrued earned pension attributable to that option;
c
for a deferred club transfer earned pension, accrued club transfer earned pension;
d
for a deferred added (self only) pension, accrued added (self only) pension; and
e
for a deferred added (all beneficiaries) pension, accrued added (all beneficiaries) pension.
Adjustment of provisional amountI449
1
This regulation applies when a deferred member of this scheme in relation to a period of service becomes entitled to the immediate payment of a full retirement pension for that period of service.
2
For the provisional amount of each description of deferred pension, the deferred member’s account must specify—
a
the late payment supplement (if any);
b
the early payment reduction (if any);
c
the commutation amount (if any); and
d
the total allocation amount (if any).
Closure of deferred member’s account after gap in pensionable service not exceeding 5 yearsI550
1
This regulation applies when a deferred member of this scheme in relation to a continuous period of pensionable service re-enters pensionable service under this scheme after a gap in pensionable service not exceeding 5 years.
2
The scheme manager must—
a
close the deferred member’s account in relation to that period of service and treat the deferred member’s account as if it were never established;
b
re-establish the active member’s account under Chapter 5 in relation to that period of service; and
c
make entries in the active member’s account as if, during the gap in pensionable service, the member—
i
was in pensionable service under this scheme; but
ii
received no pensionable earnings.