Regulation 32 Account to specify amount of pension for a scheme yearI1

This regulation applies to every scheme year in which an active member’s account is open.

The active member’s account must specify, in relation to each description of pension, the amount of that pension for the scheme year.

The amount of club transfer earned pension for a scheme year must be specified separately in relation to each sending scheme;

The amount of earned pension for a scheme year is 1/47^th of the member’s pensionable earnings for that year.

The amount of transferred pension for a scheme year is the amount which the member is entitled to count under regulation 109 (amount of transferred pension).

The amount of club transfer earned pension for a scheme year is the amount which member is entitled to count under regulation 111 (amount of club transfer earned pension).

The added pension (member) for a scheme year is the sum of the amounts a member is entitled to count under Chapter 1 of Part 7 (Contributions) after exercising an option under regulation 91(1)(a) (member’s option to make periodical contributions to purchase added pension) F1or regulation 92(1)(a) (member’s option to pay lump sum contributions to purchase pension).

The added pension (member and dependants) for a scheme year is the sum of the amounts a member is entitled to count under Chapter 1 of Part 7 (Contributions) after exercising an option under regulation 91(1)(b) (member’s option to make periodical contributions to purchase added pension) F2or regulation 92(1)(b) (member’s option to pay lump sum contributions to purchase pension).