Regulation 61 Partial retirement option notice

(1)

A partial retirement option may only be exercised—

(a)

by notice to the scheme manager in a form required by the scheme manager (“option notice”); and

(b)

in the 3 months after P’s pensionable earnings are reduced, on a date agreed by the member and the scheme manager.

(2)

An option notice must specify—

(a)

whether P claims payment of—

(i)

the whole of P’s accrued pensions; or

(ii)

part only of P’s accrued pensions; and

(b)

if P claims payment of part only—

(i)

the descriptions of accrued pension for which payment is claimed; and

(ii)

the proportion of each description of accrued pension for which payment is claimed (“option proportion”), which must comply with regulation 62.