Regulation 41 Establishment of a pension credit member’s accountI1
United Kingdom
A pension account must be established for each pension credit member (“the pension credit member’s account”).
When a pension credit member becomes entitled to the payment of a pension under regulation 47 (pension credit member’s pension), the pension credit member’s account must specify the amount of credited pension, and for that amount—
the early payment reduction (if any); and
the commutation amount (if any).
In this regulation, “amount of credited pension” means an amount such that the value of the pension credit member’s right under this scheme (as calculated in accordance with regulations made under paragraph 5(b) of Schedule 5 to the WRPA 1999) equals the member’s pension credit under section 29(1)(b) of that Act.