Regulation 75 Option to defer payment of added pension

(1)

This regulation applies if a member of this scheme—

(a)

becomes entitled to the immediate payment of a full retirement added pension of any description; and

(b)

has not reached normal pension age under this scheme.

(2)

The member may opt under this regulation to defer payment of the full retirement added pension of that description.

(3)

A member who exercises the option under this regulation becomes a deferred member of this scheme in respect of the full retirement added pension of that description and accordingly—

(a)

a deferred member’s account must be established under Part 5; and

(b)

the amount of full retirement added pension of that description must be specified in the deferred member’s account as the provisional amount of deferred added pension of that description.

(4)

The member is entitled to payment of the full retirement added pension of that description when the member gives notice to the scheme manager, in a form required by the scheme manager, that the member wishes to take that full retirement added pension.

(5)

The annual rate of full retirement added pension is calculated in accordance with regulation 58.