PART 6Retirement benefits
CHAPTER 2Full retirement benefits
Entitlement to full retirement pension60
1
A member of this scheme (P) is entitled to the immediate payment for life of a full retirement earned pension if—
a
P has reached normal minimum pension age;
b
P has ceased to be in pensionable service under this scheme; and
c
P has claimed payment of a full retirement pension.
2
But if P has not reached normal pension age under this scheme, P is not so entitled unless—
a
P has at least 2 years’ qualifying service;
b
a transfer payment otherwise than from another occupational pension scheme has been received by this scheme in relation to P; or
c
the employment of the member was transferred without the member’s consent to a new employer and on that transfer the member ceased to be eligible to be an active member of this scheme.
3
On becoming entitled to the immediate payment for life of a full retirement earned pension, P is entitled to the immediate payment for life of a full retirement added pension of any description as follows—
a
for an active member who becomes a pensioner member, if the full retirement account specifies an amount of full retirement added pension of that description;
b
for a deferred member who becomes a pensioner member, if the deferred member’s account specifies a provisional amount of the relevant deferred added pension.
4
The claim for payment of a full retirement pension may only be made by notice to the scheme manager in a form required by the scheme manager.
5
A claim for a full retirement pension to be paid before P reaches normal pension age under this scheme must state if any of the following applies—
a
P has opted to buy out the early payment reduction;
b
P has exercised an effective pension age option;
6
In this regulation, “relevant deferred added pension” means—
a
for a full retirement added (self only) pension, a deferred added (self only) pension;
b
for a full retirement added (all beneficiaries) pension, a deferred added (all beneficiaries) pension.