Regulation 50 Partial retirement option noticeI1

United Kingdom

(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)

if P holds more than one office, the office or offices in respect of which P is exercising the partial retirement option;

(b)

whether P claims payment of—

(i)

the whole of P’s accrued pensions to which the office relates; or

(ii)

part only of P’s accrued pensions to which the office relates; and

(c)

if P claims payment of part only, the proportion of each description of accrued pension for which payment is claimed (“option proportion”).

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