Regulation 48 Amount of full retirement pension

(1)

The full retirement account must specify the amount of each description of full retirement pension.

(2)

The amount of each description of full retirement pension is the sum of—

(a)

the amount of the relevant accrued pension calculated under regulation 32 (“accrued amount”);

(b)

the retirement index adjustment for the accrued amount; and

(c)

the assumed age addition (if any) for the accrued amount.

(3)

For each amount of a description of full retirement pension, the full retirement account must specify—

(a)

the early payment reduction (if any);

(b)

the commutation amount (if any); and

(c)

the total allocation amount (if any).

(4)

In this regulation, “relevant accrued pension” means—

(a)

for a full retirement standard earned pension, accrued standard earned pension;

(b)

for a full retirement earned pension attributable to an effective pension age option, accrued earned pension attributable to that option;

(c)

for a full retirement added (self only) pension, accrued added (self only) pension; and

(d)

for a full retirement added (all beneficiaries) pension, accrued added (all beneficiaries) pension.