(1) Subject to paragraphs (2) and (3), the decumulation phase in respect of a PEPP account shall not commence before the date on which the PEPP beneficiary concerned attains the age of 60 years.

(2) The decumulation phase in respect of a PEPP account may commence on or after the date on which the PEPP saver concerned attains the age of 50 years where -

(a) the PEPP saver has retired from employment, or

(b) the PEPP saver's occupation is one in which individuals customarily retire before attaining the age of 60 years.

(3) The decumulation phase in respect of a PEPP account may commence before the date on which the PEPP saver concerned attains the age of 60 years where the PEPP saver has become permanently incapable through infirmity of mind or body of carrying on the PEPP saver's own occupation or any occupation of a similar nature for which the PEPP saver is trained or fitted.

(4) The decumulation phase for a PEPP account shall commence no later than the first to occur of -

(a) the date on which the PEPP saver concerned attains the age of 75 years, and

(b) the date on which the PEPP beneficiary concerned attains the age of 75 years.