Regulation 70 Meaning of “standard reduction”I1

Scotland

(1)

The standard reduction is 3% and applies in relation to a maximum of 3 years from age 65 to normal pension age.

(2)

The standard reduction is applied when calculating the annual rate of pension payable to a member (P) who—

(a)

was an active member immediately before the entitlement day for a phased retirement pension, premature retirement pension or early retirement pension; and

(b)

on the entitlement day for that pension—

(i)

has reached normal minimum pension age; but

(ii)

has not reached normal pension age.

(3)

If a retirement pension becomes payable to P on or after the date on which P reaches 65, the standard reduction applies in relation to a proportion, determined by the scheme manager, of the time left until P reaches normal pension age.

Annotations

Commencement

I1: Reg. 70 in force at 1.4.2015, see reg. 1(2)(b)