(1)  A benefit converted to a pension under regulation 79 is payable during the life of the pensioner and, except as otherwise provided by these regulations, is payable from –

(a) in the case of a benefit payable under Part 5 , regulation 124 or Schedule 3  –

(i) the day after the date of retirement or death of the contributor; or

(ii) the day after the date of the Board's final decision under regulation 126 ; or

(b) in any other case, the date when an election to convert that benefit to a pension takes effect –

whichever is the later.

(2)  Subregulation (1) does not apply to an interim pension payable under regulation 57 or 58 , an allocated pension or a child's pension.

(3)  A child's pension commences on the date of the event by virtue of which it becomes payable and ceases to be payable on –

(a) the child attaining the age of 18 years unless subregulation (4) applies to the child; or

(b) the death of the child; or

(c) the cessation of the circumstances in respect of which it is payable –

whichever happens first.

(4)  In the case of a child who is receiving full-time education at a school, college or university, the child's pension ceases to be payable –

(a) when the child attains age 25 years; or

(b) when the child ceases to receive full-time education at a school, college or university –

whichever happens first.