Pension credit retirement benefits
105.—(1) A pension credit retirement pension is payable to a pension credit member (P) from the entitlement day.
(2) Except as otherwise provided in these Regulations, the pension is payable for life.
(3) Where P has a normal pension age of 60 a pension credit retirement lump sum is payable to P on the entitlement day.
(4) But a pension credit retirement lump sum is not payable if—
(a)P complies with regulation 107 (payment of benefits on application to the Secretary of State) after P reaches 75, or
(b)a retirement lump sum became payable to the pension debit member before the transfer day, unless—
(i)the pension debit member was in further employment on the transfer day, or
(ii)the pension debit member had ceased to be in further employment on the transfer day but payment of retirement benefits relating to that further employment has not been initiated on the transfer day.
(5) The entitlement day cannot be before the transfer day and paragraphs (6) to (8) are subject to this paragraph.
(6) Where the pension debit member was in pensionable employment or excluded employment on or after 30th March 2000, the entitlement day must be after P reaches 55.
(7) Where paragraph (6) applies and, in the application for payment under regulation 107, P specifies that the pension (and, where appropriate, lump sum) is to be payable on a date—
(a)before P reaches 60, where P has a normal pension age of 60, or
(b)before P reaches 65 where P has a normal pension age of 65
the entitlement day is such day as P may specify in P’s application which must be no earlier than 6 weeks after the day on which the application is made.
(8) Where—
(a)paragraph (6) does not apply, or
(b)paragraph (6) applies but paragraph (7) does not apply,
the entitlement day is the date on which P reaches the normal pension age.
(9) If a pension credit retirement lump sum is payable—
(a)the annual rate of the pension credit retirement pension must be such that the combined value of the pension credit retirement pension and the pension credit retirement lump sum, when calculated in accordance with regulations made under paragraph 5(b) of Schedule 5 to WRPA 1999, equals the amount of the pension credit, and
(b)the amount of the pension credit retirement lump sum must be 3 times the annual rate of the pension credit retirement pension.
(10) But where—
(a)a phased retirement lump sum became payable to the pension debit member before the transfer day, or
(b)a retirement lump sum became payable to the pension debit member before the transfer day, but the pension debit member—
(i)was in further employment on the transfer day, or
(ii)had ceased to be in further employment on the transfer day, but payment of retirement benefits relating to the further employment had not been initiated on the transfer day
paragraph (9)(b) does not apply and the relationship between the pension credit retirement lump sum and the annual rate of pension credit retirement pension is to be determined by the Secretary of State after taking advice from the scheme actuary.
(11) If no lump sum is payable, the annual rate of the pension credit retirement pension must be such that its value, when calculated in accordance with regulations made under paragraph 5(b) of Schedule 5 to WRPA 1999, equals the amount of the pension credit.
(12) But if paragraph (7) applies the amounts referred to in paragraphs (9) to (11) must be multiplied by the appropriate factor.