54.—(1) The scheme manager must establish a pension account for each pension credit member of this scheme.
(2) If a pension credit member has more than one pension credit derived from two or more pension debit members, the scheme manager must establish a pension credit member’s account in relation to each pension debit member.
(3) The pension credit member’s account must specify the amount of credited pension, and for that amount, the commutation amount (if any).
(4) On the establishment of the pension credit member’s account, the accounts established under this Part for the pension debit member must be reduced by the relevant amount.
(5) For the purpose of these Regulations, an account established for a pension credit member under paragraph (1) is called a pension credit member’s account.
(6) In this regulation—
“amount of credited pension” means an amount equal to the pension credit calculated in accordance with regulations made under paragraph 5(b) of Schedule 5 (pension credits: mode of discharge) to WRPA 1999;
“relevant amount” is the amount that the scheme manager, after consultation with the scheme actuary, considers appropriate having regard to—
the cash equivalent that would have been payable under Chapter 2 of Part 4A (requirements relating to pension credit benefit: transfer values) of PSA 1993(1) in respect of the pension credit member’s right to benefits under this scheme attributable (directly or indirectly) to the pension credit; and
the provisions of sections 29 (creation of pension credits and debits) and 31 (reduction of benefit) of WRPA 1999.
Part 4A was inserted by the Welfare Reform and Pensions Act 1999 (c.30) section 37.