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Paragraph 1 Pension credit member’s entitlement to pension

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A pension credit member is entitled to a pension for life which becomes payable—

(a)

when the member attains the age of sixty five, or

(b)

if it is later, when the pension sharing order under which the member is entitled to the pension credit takes effect.

(2)

The pension must be of such an amount that its actuarial value is equal to the member’s pension credit, as calculated from tables prepared by the Scheme Actuary and in accordance with regulations made under paragraph 5(b) of Schedule 5 to the 1999 Act.