PART 7Retirement benefits
CHAPTER 2Full retirement benefits
Annual rate of full retirement pension (deferred members)97
1
This regulation applies when a deferred member of this scheme becomes entitled to the payment for life 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; and
d
subtracting the commutation 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—
a
the member buys out the early payment reduction in relation to that description of full retirement pension; or
b
the full retirement pension comes into payment early on grounds of permanent medical unfitness70.
4
In this regulation, “the relevant description of deferred pension” means—
a
for a retirement standard earned pension, deferred standard earned pension;
b
for a retirement club transfer earned pension, deferred club transfer earned pension;
c
for a retirement added (self only) pension, deferred added (self only) pension; and
d
for a retirement added (all beneficiaries) pension, deferred added (all beneficiaries) pension.