PART 5Pension accounts
CHAPTER 7Full retirement account
Establishment of full retirement accountI151
1
This regulation applies in relation to a continuous period of pensionable service under this scheme.
2
When an active member of this scheme becomes entitled to the immediate payment of a full retirement earned pension or an ill-health pension, the scheme manager must—
a
close the active member’s account for that continuous period of pensionable service; and
b
establish an account for the pensioner member for that period of service.
3
When an active member of this scheme exercises the partial retirement option in respect of the whole of the member’s accrued pensions and becomes entitled to the immediate payment of a full retirement pension, the scheme manager must—
a
close the active member’s account for the period of earlier service;
b
establish an account for the pensioner member for that period of earlier service; and
c
establish a new active member’s account under Chapter 5 for the member’s continuing service as if the first day of pensionable service is the day after the option date.
4
In these Regulations, an account established for a member under paragraph (2)(b) or (3)(b) is called a full retirement account.
5
In this regulation—
“continuing service” means pensionable service that continues following the exercise of the option in regulation 64(2) from the option date;
“option date” means the date on which the partial retirement option is exercised and the member becomes entitled to the immediate payment of a full retirement pension; and
“period of earlier service” means the continuous period of pensionable service ending on the
option date.