Regulation 2.D.4 Early payment of pensions with actuarial reduction

(1)

A member who has not reached the age of 65 is entitled to immediate payment of a reduced pension payable for life if the member–

(a)

has reached the age of 55;

(b)

meets the condition in regulation 2.D.1(2)(a) or (b);

(c)

has ceased to be employed in NHS employment; and

(d)

has claimed payment of the pension.

(2)

The amount of the annual pension under this regulation is calculated in the following way–

(a)

first, as mentioned in regulation 2.D.1(4) (and, if additional pension is payable, in accordance with regulation 2.C.14(2) or 2.C.16(2)); and

(b)

second, that amount is reduced by such amount as the Scottish Ministers determine, after consulting the scheme actuary, to be appropriate by reason of the payment of the pension before the member reaches 65.

(3)

A claim under paragraph (1) must be made by notice in writing in such form as the Scottish Ministers require and takes effect–

(a)

in the case of a deferred member, from the date specified in the claim as the date on which the pension is to become payable; and

(b)

in the case of an active member, from the day immediately following the day on which the member ceased to be employed in NHS employment.

(4)

A member is not entitled to a pension under this regulation if the Scottish Ministers determine, having taken advice from the scheme actuary, that the pension, as reduced under paragraph (1), would be insufficient to meet their liability to provide a guaranteed minimum pension.