The object of the legislation is to allow for the scheme to provide members with a stable and predictable source of income in retirement. It is therefore a basic rule that scheme pensions (see ¶392-250) must be paid for the remainder of the member’s life and, once in payment, cannot be reduced in amount. If a reduction does take place, all payments of the reduced pension are then treated as unapproved member payments (FA 2004, Sch. 28, para. 2A(1)).
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