Regulation 54 Establishment of partial retirement accountI1
United Kingdom
This regulation applies if an active member of this scheme in relation to a continuous period of pensionable service—
exercises the partial retirement option in respect of part only of the member’s accrued pensions for that period of service; and
becomes entitled under regulation 67(a) to the immediate payment of a partial retirement pension for that period of service.
The scheme manager must—
establish a pensioner member’s account (“the partial retirement account”) for that period of service; and
adjust the active member’s account in accordance with paragraph (3).
If the partial retirement option notice specifies an option proportion in relation to a description of accrued pension—
the scheme manager must reduce that description of accrued pension by the option proportion specified; and
Chapter 5 (active member’s account) applies in relation to the member as if the amount of that description of accrued pension had always been so reduced.
In this regulation, “partial retirement option notice” means an option notice given in accordance with regulation 65.