Section 26Part 5 — Entitlement and Vesting
Normal pension entitlement date
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26. (1) The normal pension entitlement date under a pension plan submitted for registration under this Act is the date, not later than three months after attaining the normal age of pension entitlement, on which a person becomes entitled under a registered pension plan to collect that person’s pension benefits.
Every pension plan established prior to the 1 st June, 1998 and registered under this Act, shall be deemed to specify a normal pension entitlement date in respect of pension benefits that accrue after the 1st June, 1998, that is not later than one year after attainment of the normal age of pension entitlement.
The first instalment of a member’s pension is due not later than the first day of the month following the normal pension entitlement date, unless the member elects otherwise.
An active member who continues employment and membership in a pension plan after the normal pension entitlement date may elect to continue accruing National Pensions Act (2024 Revision) Section 27 c Revised as at 31st December, 2023 Page 33 benefits under the pension plan up to the date of the member’s application for their pension entitlement and is subject to any terms of the pension plan —
limiting the number of years of employment or active membership that can be considered for the purpose of determining a member’s pension benefit; or
fixing a maximum amount of a member’s pension benefit.
The first instalment of a pension of a member who makes the election described in subsection (4) is due not later than the earlier of —
the first day of the month following the date of revocation of the election by the member; or
the first day of the month following the date of termination of employment of the member.