Regulation 46 Annual rate of pension payable to deferred member who becomes pensioner memberI1

United Kingdom

(1)

This regulation applies when a deferred member becomes entitled under regulation 44 (retirement before reaching normal pension age – deferred members) to the immediate payment of a retirement pension.

(2)

The annual rate of the retirement earned pension payable to the member is determined by—

(a)

taking the provisional amount of the member’s deferred earned pension specified in the deferred member’s account;

(b)

adding the late payment supplement( if any) specified in that account in relation to that amount;

(c)

subtracting the early payment reduction (if any) specified in that account in relation to that amount;

(d)

subtracting the commutation amount (if any) specified in that account in relation to that amount; and

(e)

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

(3)

If a retirement added pension (member and dependants) is payable to the member, the annual rate of this pension is determined by—

(a)

taking the provisional amount of the member’s deferred added pension (member and dependants) specified in the deferred member’s account;

(b)

adding the late payment supplement (if any) specified in that account in relation to that amount;

(c)

subtracting the early payment reduction (if any) specified in that account in relation to that amount;

(d)

subtracting the commutation amount (if any) specified in that account in relation to that amount; and

(e)

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

(4)

If a retirement added pension (member) is payable to the member, the annual rate of that pension is determined by—

(a)

taking the provisional amount of the member’s deferred added pension (member) specified in the deferred member’s account;

(b)

adding the late payment supplement (if any) specified in that account in relation to that amount;

(c)

subtracting the early payment reduction (if any) specified in that account in relation to that amount;

(d)

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

(5)

If a retirement club transfer pension is payable to the member the annual rate of that pension is determined by—

(a)

taking the provisional amount of the member’s deferred club transfer earned pension specified in the deferred member’s account; and

(b)

applying the provisions of regulation 46(2)(b) to (e) to that amount.

Annotations

Commencement

I1: Reg. 46 in force at 1.4.2015, see reg. 1(2)