Regulation 31 Opening balanceI1

United Kingdom

(1)

This regulation applies in relation to every scheme year in which an active member’s account is open other than the scheme year in which that account is established.

(2)

The active member’s account must specify—

(a)

the opening balance for the scheme year and the index adjustment for the opening balance; and

(b)

if applicable, the age addition awarded at the beginning of the scheme year.

(3)

In these Regulations, “opening balance”—

(a)

for the scheme year immediately following the scheme year in which the active member’s account is established, means the amount of pension for the previous scheme year as at the end of the previous scheme year; and

(b)

for any subsequent scheme year, means the sum of the following amounts—

(i)

the opening balance of pension for the previous scheme year and the index adjustment for that opening balance;

(ii)

the amount of pension for the previous scheme year as at the end of the previous scheme year; and

(iii)

if applicable, the age addition awarded at the beginning of the previous scheme year.

Annotations

Commencement

I1: Reg. 31 in force at 1.4.2022, see reg. 1(4)