The Public Service (Civil Servants and Others) Pensions Regulations 2014
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Change 1
54 Establishment of partial retirement account
(1) This regulation applies if an active member of this scheme in relation to a continuous period of pensionable service— (a) exercises the partial retirement option in respect of part only of the member’s accrued pensions for that period of service; and (b) becomes entitled under regulation 67(a) to the immediate payment of a partial retirement pension for that period of service. (2) The scheme manager must— (a) establish a pensioner member’s account (“the partial retirement account”) for that period of service; and (b) adjust the active member’s account in accordance with paragraph (3). (3) If the partial retirement option notice specifies an option proportion in relation to a description of accrued pension— (a) the scheme manager must reduce that description of accrued pension by the option proportion specified; and (b) 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. (4) In this regulation, “partial retirement option notice” means an option notice given in accordance with regulation65.
54 Establishment of partial retirement account
(1) This regulation applies if an active member of this scheme in relation to a continuous period of pensionable service— (a) exercises the partial retirement option in respect of part only of the member’s accrued pensions for that period of service; and (b) becomes entitled under regulation 67(a) to the immediate payment of a partial retirement pension for that period of service. (2) The scheme manager must— (a) establish a pensioner member’s account (“the partial retirement account”) for that period of service; and (b) adjust the active member’s account in accordance with paragraph (3). (3) If the partial retirement option notice specifies an option proportion in relation to a description of accrued pension— (a) the scheme manager must reduce that description of accrued pension by the option proportion specified; and (b) 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. (4) In this regulation, “partial retirement option notice” means an option notice given in accordance with regulation65.
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