PART 1Membership, contributions and benefits
Pension accounts
Active member's pension accounts23.
(1)
At the beginning of each Scheme year, an active member's pension account in relation to an employment must specify the opening balance for that year.
(2)
At the end of each Scheme year—
(a)
the balance mentioned in paragraph (1); plus
(b)
the amount of earned pension, if any, for the Scheme year; plus
(c)
the amount of any additional member pension acquired during the Scheme year pursuant to arrangements made under regulation 16(1) or (3) (additional pension contributions); plus or minus, as the case may be,
(d)
the sum resulting from any pension account adjustment during the Scheme year F1plus,
F2(e)
for any Scheme year beginning with the Scheme year that starts on 1st April 2023, the revaluation adjustment which was applied on the revaluation date falling within that Scheme year,
must be aggregated F3....
(3)
The F4... balance calculated under paragraph (2) becomes the new opening balance for the next Scheme year.
F5(3A)
Each Scheme year, beginning with the Scheme year that starts on 1st April 2023, the revaluation adjustment must be applied to the balance mentioned at paragraph (3) on the revaluation date, in accordance with actuarial guidance issued by the Secretary of State.
(4)
Except where regulation 10 (temporary reduction in contributions) applies, the amount of earned pension for a Scheme year is 1/49th of the member's pensionable pay received in that year (irrespective of whether it relates to work carried out in that year).
(5)
Where regulation 10 (temporary reduction in contributions) applies, the amount of earned pension for a Scheme year is 1/98th of the member's pensionable pay received in that year while that regulation applies (irrespective of whether it relates to work carried out during that period).
(6)
Other than to correct an error in a pension account, a pension account adjustment can only arise as a consequence of—
(a)
an award of additional pension under regulation 31 (award of additional pension);
(b)
a transfer value payment being made or received;
(c)
a pension debit being made;
(d)
a Scheme pays election;
(e)
a transfer into the member's pension account from a different account upon aggregation of those accounts; or
(f)
an adjustment of the description mentioned in regulation 94 (adjustment of accounts following forfeiture etc).
(7)
If an active member's pension account is closed before the end of a Scheme year any pension account adjustment applicable to the account must be made immediately before the date the account is closed, but no revaluation adjustment is to be made to the active member pension account for that Scheme year.
(8)
If a member starts to draw benefits under regulation 30(6) (flexible retirement) any pension account adjustment applicable to the active member's pension account must be made immediately before the date on which benefits start to be paid.
(9)
Where—
(a)
a pension debit as is mentioned in paragraph (6)(c) is made, or
(b)
the joint liability amount specified in a notice given in relation to an election as mentioned in paragraph (6)(d) is met by the pension fund,
the appropriate administering authority shall reduce the balance in the member's account to reflect the reduction in the value of the member's rights, calculated in accordance with actuarial guidance issued by the Secretary of State.
(10)
Where pensionable pay relating to a period before a member ceased to be an active member is paid after the period of active membership has ended, it is to be treated as if it were received on the day before the active member's account was closed.