PART 4Pension accounts

CHAPTER 7Deferred member’s account

Establishment of deferred member’s account44

1

This regulation applies when an active member of this scheme becomes a deferred member of this scheme.

2

The scheme manager must—

a

close the active member’s account for that period of service; and

b

establish a pension account for the deferred member for that period of service.

3

For the purpose of these Regulations, an account established under paragraph (2)(b) is called a deferred member’s account.