Regulation 47 Pension credit member’s pensionI1
United Kingdom
A pension credit member is entitled to the immediate payment for life of a pension credit member’s pension under this scheme—
when a pension credit member reaches deferred pension age; or
if it is later, when the pension sharing order under which the member is entitled to the pension credit takes effect; and
the pension credit member has claimed payment of the pension.
The claim for payment of a pension must be made by notice in writing to the scheme administrator in such form as the scheme manager requires.
A pension credit member who has reached 55, but has not reached deferred pension age, may claim early payment of the pension credit member’s pension by written notice to the scheme administrator.
The notice must—
be in such form as the scheme manager requires; and
specify the date on which the pension is to become payable (“payable date”).
A pension credit member who claims early payment of a pension credit member’s pension is entitled to the immediate payment for life of that pension on that payable date.
The early payment reduction is to apply to the pension account of a pension credit member in the event that the pension comes into payment before the pension credit member’s deferred pension age.
The late payment supplement is to apply to the pension account of a pension credit member in the event that the pension comes into payment after the pension credit member’s deferred pension age.