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PART 4 N.I.Pension accounts

CHAPTER 8N.I.Retirement account

Account to specify amount of retirement pension (active members)N.I.

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.

[F1(3A) 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).

[F2(4A) 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.

Textual Amendments