PART 5Pension accounts

CHAPTER 7Full retirement account

Establishment of full retirement account47

1

This regulation applies in relation to a continuous period of pensionable service under this scheme.

2

When an active member of this scheme becomes entitled to the immediate payment of a full retirement earned pension or an ill-health pension in relation to a continuous period of pensionable service under this scheme, the scheme manager must—

a

close the active member's account for that continuous period of pensionable service; and

b

establish an account for the pensioner member for that period of service.

3

When an active member of this scheme exercises the partial retirement option in respect of the whole of the member's accrued pensions and becomes entitled to the immediate payment of a full retirement pension, the scheme manager must—

a

close the active member's account for the period of earlier service;

b

establish an account for the pensioner member for that period of earlier service; and

c

establish a new active member's account under Chapter 5 for the member's continuing service as if the first day of pensionable service is the day after the option date.

4

For the purpose of these Regulations, an account established for a member under paragraph (2)(b) or (3)(b) is called a full retirement account.

5

In this regulation—

  • continuing service” means pensionable service that continues in accordance with regulation 60(2) from the option date;

  • option date” means the date on which the partial retirement option is exercised and the member becomes entitled to the immediate payment of a full retirement pension; and

  • period of earlier service” means the continuous period of pensionable service ending on the option date.