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.