SCHEDULE 2Pension schemes

Part 2Excepted rules, practices, actions and decisions relating to occupational pension schemes

Age related rules, practices, actions and decisions relating to benefitF112

1

Subject to sub-paragraph (4), a minimum age for any member of a scheme to be entitled to a particular age related benefit that is paid in accordance with sub-paragraph (2) and is paid—

a

either with or without consent (whether of an employer, the trustees or managers of the scheme or otherwise), and

b

before the early retirement pivot age relevant to that age related benefit.

2

The age related benefit must—

a

be actuarially reduced on the basis that the aim is to reflect that it is paid on a date before the applicable early retirement pivot age; and

b

not be enhanced by crediting the member with any additional periods of pensionable service or additional benefits.

3

Sub-paragraph (1) shall also apply to different minimum ages for different groups or categories of members.

4

Sub-paragraph (1) shall not apply to any member who retires on the grounds to which paragraph 13, 13A or 15 apply.