PART 6 Retirement benefits

CHAPTER 2 Full retirement benefits

Entitlement to full retirement pension
56. (1) A member of this scheme (P) is entitled to the immediate payment for life of a full retirement earned pension if—
(a) P has reached normal minimum pension age;
(b) P has ceased to be in pensionable service under this scheme; and
(c) P has claimed payment of a full retirement pension.
(2) But if P has not reached normal pension age under this scheme, P is not so entitled unless—
(a) P has at least 2 years’ qualifying service; or
(b) a transfer value payment otherwise than from another occupational pension scheme has been received by this scheme in relation to P.
(3) On becoming entitled to the immediate payment for life of a full retirement earned pension, P is entitled to the immediate payment for life of a full retirement added pension of any description as follows—
(a) for an active member who becomes a pensioner member, if the full retirement account so specifies, an amount of full retirement added pension of that description;
(b) for a deferred member who becomes a pensioner member, if the deferred member’s account so specifies, a provisional amount of the relevant deferred added pension.
(4) The claim for payment of a full retirement pension may only be made by notice to the scheme manager in a form required by the scheme manager.
(5) A claim for a full retirement pension to be paid before P reaches normal pension age under this scheme must state if any of the following applies—
(a) P has opted to buy out the early payment reduction;
(b) P has exercised an effective pension age option.
(6) In this regulation, “relevant deferred added pension” means—
(a) for a full retirement added (self only) pension, a deferred added (self only) pension;
(b) for a full retirement added (all beneficiaries) pension, a deferred added (all beneficiaries) pension.