Regulation 65 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)
whether P claims payment of—
(i)
the whole of P’s accrued pensions; or
(ii)
part only of P’s accrued pensions; and
(b)
if P claims payment of part only–
(i)
the descriptions of accrued pension for which payment is claimed; and
(ii)
the proportion of each description of accrued pension for which payment is claimed (“option proportion”), which must comply with regulation 66.