PART 5Pension accounts

CHAPTER 7Full retirement account

Amount of full retirement pension52

1

The full retirement account must specify the amount of each description of full retirement pension.

2

The amount of each description of full retirement 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

For each amount of a description of full retirement pension, the full retirement account must specify—

a

the early payment reduction (if any);

b

the commutation amount (if any); and

c

the total allocation amount (if any).

4

In this regulation, “relevant accrued pension” means—

a

for a full retirement standard earned pension, accrued standard earned pension;

b

for a full retirement earned pension attributable to an effective pension age option, accrued earned pension attributable to that option;

c

for a full retirement club transfer earned pension, accrued club transfer earned pension;

d

for a full retirement added (self only) pension, accrued added (self only) pension; and

e

for a full retirement added (all beneficiaries) pension, accrued added (all beneficiaries) pension.