Option proportionN.I.
66.—(1) A partial retirement option which relates to a description of accrued added pension must relate to all of the descriptions of P’s accrued added pension.
(2) If P claims payment of accrued standard earned pension P must also claim payment of any of P’s accrued added pension.
(3) If P claims payment of P’s accrued added pension P must also claim payment of any accrued standard earned pension.
(4) If P claims payment of part only of P’s accrued pensions, the following are the option proportions of each description of accrued pension which can be claimed—
(a)100% of each of the descriptions of P’s accrued pensions for which payment is claimed;
(b)an option proportion lower than 100% for one description of accrued pension claimed and 100% for each of the other descriptions of P’s accrued pension claimed.
(5) For the purposes of paragraph (4)(b), any accrued standard earned pension and accrued added pension claimed is treated together as if it were one description of accrued pension.