The Public Service (Civil Servants and Others) Pensions Regulations 2014

CHAPTER 8 Partial retirement account

Establishment of partial retirement account

54.—(1) This regulation applies if an active member of this scheme in relation to a continuous period of pensionable service—

(a) exercises the partial retirement option in respect of part only of the member’s accrued pensions for that period of service; and

(b) becomes entitled under regulation 67(a) to the immediate payment of a partial retirement pension for that period of service.

(2) The scheme manager must—

(a) establish a pensioner member’s account (“the partial retirement account”) for that period of service; and

(b) adjust the active member’s account in accordance with paragraph (3).

(3) If the partial retirement option notice specifies an option proportion in relation to a description of accrued pension—

(a) the scheme manager must reduce that description of accrued pension by the option proportion specified; and

(b) Chapter 5 (active member’s account) applies in relation to the member as if the amount of that description of accrued pension had always been so reduced.

(4) In this regulation, “partial retirement option notice” means an option notice given in accordance with regulation 65.

Amount of partial retirement pension

55.—(1) The partial retirement account must specify the amount of each description of partial retirement pension.

(2) The amount of each description of partial retirement pension is the sum of—

(a) the amount of the relevant accrued pension calculated under regulation 36 (“accrued amount”);

(b) the retirement index adjustment for the accrued amount; and

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

(3) For each amount of a description of partial retirement pension, the partial retirement account must specify—

(a) the early payment reduction (if any);

(b) the commutation amount (if any); and

(c) the total allocation amount (if any).

(4) In this regulation, “relevant accrued pension” means—

(a) for a partial retirement standard earned pension, accrued standard earned pension;

(b) for a partial retirement earned pension attributable to an effective pension age option or an enhanced effective pension age option, accrued earned pension attributable to that option;

(c) for a partial retirement club transfer earned pension, accrued club transfer earned pension;

(d) for a partial retirement added (self only) pension, accrued added (self only) pension; and

(e) for a partial retirement added (all beneficiaries) pension, accrued added (all beneficiaries) pension.