Regulation 38 Requirements as to time of paymentI1

Retirement benefits under this Chapter may not be paid to a person before he has retired from the employment in which he was a member.

But where, after 5th April 2006, a member who has attained the age of 50, with his employer’s consent, reduces the hours he works, or the grade in which he is employed, he may elect in writing to the Committee and such benefits may, with his employer’s consent, be paid to him notwithstanding that he has not retired from that employment.

If the payment of benefits referred to in paragraph (1A) takes effect before the member’s 65 birthday, the benefits payable are reduced in accordance with guidance issued by the Government Actuary.

But the employer may choose to waive, in whole or in part, any such reduction.

Where the employer so chooses, it shall pay to the fund the cost incurred as a result of such waiver as calculated by the fund’s actuary.

Any benefits paid following an election under paragraph (1A) are not subject to abatement under regulation 113 (application of abatement policy in individual cases) in respect of any subsequent employment with the person who is his employer at the date of his election.

In any event, retirement benefits under this Chapter must begin to be paid not later than the day before the member’s 75th birthday even if he has not retired (and see regulation 39(3)).