PART 4Pension accounts
CHAPTER 7Pensioner members' accounts
SECTION 2Establishment of pensioner members' accounts
Pension accounts for active or deferred members who become pensioner members76
1
When an active member becomes entitled to payment of a retirement pension other than a phased retirement pension in respect of any pensionable service—
a
the active member's account and any additional pension account must be closed; and
b
a pension account for the pensioner member must be established (“the pensioner member's account”).
2
When a deferred member becomes entitled to payment of a retirement pension other than a phased retirement pension in respect of any pensionable service—
a
the deferred member's account and any additional pension account must be closed; and
b
a pension account for the pensioner member must be established (“the pensioner member's account”).
3
The pensioner member's account must specify—
a
the amount of full retirement earned pension payable to the member, and for that amount—
i
the standard reduction (if any);
ii
the actuarial adjustment (if any); and
iii
the conversion amount (if any); and
b
the amount of full retirement additional pension payable to the member, and for that amount—
i
the actuarial adjustment (if any); and
ii
the conversion amount (if any).