Annual rate of full retirement pension (deferred members)N.I.
62.—(1) This regulation applies when a deferred member of this scheme becomes entitled to the immediate payment of a full retirement pension.
(2) The annual rate of any description of full retirement pension payable to the member is calculated by—
(a)taking the provisional amount of the relevant description of deferred pension specified in the deferred member’s account;
(b)adding the late payment supplement (if any) specified in that account in relation to that provisional amount;
(c)subtracting the early payment reduction (if any) specified in that account in relation to that amount;
(d)subtracting the commutation amount (if any) specified in that account in relation to that amount; and
(e)subtracting the total allocation amount (if any) specified in that account in relation to that amount.
(3) The annual rate of any description of full retirement pension is calculated without subtracting the early payment reduction if the member buys out the early payment reduction in relation to that description of full retirement pension.
(4) In this regulation, “the relevant description of deferred pension” means—
(a)for a full retirement standard earned pension, deferred standard earned pension;
(b)for a full retirement earned pension attributable to an effective pension age option, deferred earned pension attributable to that option;
(c)for a full retirement club transfer earned pension, deferred club transfer earned pension;
(d)for a full retirement added (self only) pension, deferred added (self only) pension; and
(e)for a full retirement added (all beneficiaries) pension, deferred added (all beneficiaries) pension.