Regulation 40 Establishment of partial retirement accountI1

United Kingdom

(1)

This regulation applies if an active member of this scheme (P) in relation to a continuous period of pensionable service in respect of a particular office—

(a)

exercises the partial retirement option in respect of part only of P’s accrued pensions for that period of service; and

(b)

becomes entitled under regulation 51(a) (entitlement to partial retirement pension or full retirement pension) to the immediate payment of a partial retirement pension for that period of service.

(2)

The scheme manager must—

(a)

establish a pensioner member’s account (“the partial retirement account”) for that period of service; and

(b)

adjust P’s active member’s account in accordance with paragraph (3).

(3)

The amount of accrued pension for which a partial retirement option notice specifies an option proportion is reduced by that option proportion.

(4)

After that adjustment, Chapter 4 (active member’s account) applies in relation to P as if the amount of accrued pension for which a partial retirement option notice specifies an option proportion had always been reduced by that option proportion.

(5)

In this regulation, “partial retirement option notice” means an option notice under regulation 50 (partial retirement option notice).

(6)

Where P exercises a partial retirement option under paragraph (1)(a) in respect of a First-tier Tribunal or Upper Tribunal office in which P holds multiple assignments (and therefore multiple accounts in accordance with regulation 29(3) (establishment of active member’s account)), paragraph (2) applies in respect of each account held.

Annotations

Commencement

I1: Reg. 40 in force at 1.4.2022, see reg. 1(4)