Examples of Normal Retiring Date in a sentence
Membership of the Scheme must be open to persons who enter employment to which the Scheme relates more than 6 years before Normal Retiring Date.
Where commutation of the whole of a Member's deferred pension is taking place at Normal Retiring Date (or on the winding-up of the Scheme if earlier), the Member's pension in excess of GMP must be revalued up to Normal Retiring Date in accordance with Chapter II of Part IV of the Act, and the GMP revalued in accordance with (1) above.
A contribution equivalent premium shall be paid, subject to 15.2 below, in respect of a Member who ceases to be in Contracted-out Employment before whichever is the earlier of the Member's Normal Retiring Date and the end of the tax year preceding that in which the Member will reach State Pensionable Age with less than 2 years' Qualifying Service and less than 2 years' Contracted-out Employment.
Contributions of Contributing Members (other than appropriate contri- butions, hereinafter prescribed, when paid in one lump sum) shall be paid from the date of admission to membership, and shall continue for so long as the Member is in the pay of the Board and has not become a Defined Contribution Scheme Member (but not after Normal Retiring Date).
Subject to Rule 51.8 each Contributing Member will as and from 1st October 1981, on retirement on or after Normal Retiring Date or on earlier retirement on account of failure of health, be paid a lump sum benefit of an amount equal to the greater of (i) the amounts under which- ever applies to the Contributing Member of Rule 56.2 or Rule 56.3(a) and Rule 56.3 (b) as increased under Rule 56.4, and (ii) the amount under Rule 56.5.
The maximum Reckonable Service attainable for spouses’, civil partners’ and/or children’s pension purposes under this Rule will be (a) 40 years or (b) the Reckonable Service which the Member would have if he were retiring at age 65 or if applicable, the later date under paragraph (a) of the definition of Normal Retiring Date, whichever is the lesser.
Any election under this Rule may be revoked by the Member before his retirement at Normal Retiring Date or earlier date of retirement on the grounds of ill-health and any such election will be automatically revoked by the death of the Member or his spouse or civil partner before the member’s attainment of age 65 or if applicable, the later date under paragraph (a) of the definition of Normal Retiring Date, or retirement whichever first occurs.
If the Member’s pension starts after Normal Retiring Date, it will be increased on a basis determined by the Trustee from time to time after considering actuarial advice.
If a Contributing Member so wishes, he may elect at Normal Retiring Date or earlier date of retirement on the grounds of ill-health, to convert all or portion of his benefit under Rule 56.1 to increase the pension payable to himself under Rule 51.1 and/or his spouse or civil partner under Rule 76.1(a)(ii).
If a Contributing Member leaves the service of the Board before reach- ing Normal Retiring Date and without being entitled to benefits under Rules 51 and 56, benefits shall be payable as follows.