PART 7 E+WBenefits for pension credit members

CHAPTER 2 E+WPension credit retirement pension

Entitlement day for pension credit retirement pension E+W

154.—(1) The entitlement day for a [F1 person’s (P’s)] pension credit retirement pension is—

(a) the day on which [F2 P] reaches normal pension age; or

(b) if P has reached normal minimum pension age but has not reached normal pension age, a day specified in P's application under regulation 162 for payment of the pension which is at least 6 weeks after the day on which the application is made.

(2) The entitlement day must not be before the day on which a pension-sharing order takes effect.

Textual Amendments

F1 Words in reg. 154(1) inserted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 13(a)

F2 Word in reg. 154(1)(a) substituted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 13(b)

Entitlement to pension credit retirement pension E+W

155.—(1) A pension credit member (P) is entitled to payment of a pension credit retirement pension from the entitlement day if P has applied under regulation 162 for payment of the pension.

(2) If P is entitled to 2 or more pension credits—

(a) benefits are payable to P under this scheme as if P were 2 or more members, each being entitled to one of the pension credits; and

(b) the amounts payable are determined accordingly.

(3) A pension credit retirement pension is payable for life.

Annual rate of pension credit retirement pension E+W

156.  The annual rate of a pension credit retirement pension is found by—

(a) taking the amount of credited pension specified in the pension credit member's account;

(b) applying the actuarial adjustment (if any) specified in the account in relation to that amount; and

(c) subtracting the conversion amount (if any) specified in that account in relation to that amount.