PART 4Pension accounts

CHAPTER 8Retirement account

Account to specify amount of retirement pension (active members)60

1

The retirement account must specify, for accrued earned pension and accrued added pension, the amount of that retirement pension.

2

The amount of retirement earned pension is the sum of—

a

the amount of the accrued earned pension calculated under regulation 32(3) (calculation of amount of accrued pension for purpose of deferment or retirement) (“accrued amount”);

b

the retirement index adjustment for the accrued amount; and

c

the assumed age addition (if any) for the accrued amount.

3

The amount of any retirement added pension is the sum of—

a

the amount of the accrued added pension calculated under regulation 32(4) (calculation of amount of accrued pension for purpose of deferment or retirement);

b

the retirement PIA index adjustment for the accrued added pension; and

c

the assumed age addition (if any) for the accrued added pension.

F13A

Where the active member is entitled to an equivalent amount to the FPS lower tier ill-health pension or to an equivalent amount to the NFPS lower tier ill-health pension, the retirement account must specify that amount.

4

For the amount of retirement earned pension and the amount of retirement added pension, the retirement account must specify—

a

the commutation amount (if any); and

b

the total allocation amount (if any).

F24A

For an equivalent amount to the FPS lower tier ill-health pension or an equivalent amount to the NFPS lower tier ill-health pension, the retirement account must specify any commutation amount.

5

The assumed age addition applies in relation to a member who reaches normal pension age under this scheme at least one month before the last day of pensionable service.