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The Teachers' Pension Scheme Regulations 2014

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Changes over time for: Paragraph 22

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Point in time view as at 01/04/2014.

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There are currently no known outstanding effects for the The Teachers' Pension Scheme Regulations 2014, Paragraph 22. Help about Changes to Legislation

Faster accrual electionE+W
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22.—(1) This paragraph applies to a person (P) who—

(a)is in pensionable service under this scheme in relation to an employment; and

(b)has not reached normal pension age under this scheme.

(2) P may elect, in relation to an employment, to pay contributions to accrue earned pension at a faster accrual rate in any financial year (“faster accrual election”).

(3) A faster accrual election must state the faster accrual rate which is to apply to P's pensionable earnings in that employment for that financial year.

(4) A faster accrual election must be made—

(a)if P was not in pensionable service in relation to that employment in that financial year, within one month after P enters pensionable service in relation to that employment; or

(b)otherwise, in the financial year before the financial year to which it relates.

(5) A faster accrual election has effect as follows—

(a)if sub-paragraph (4)(a) applies, from one month after the election is received by the scheme manager; or

(b)otherwise, from the start of the financial year to which it relates.

(6) A faster accrual election ceases to have effect at the end of the financial year to which it relates unless it is revoked before then.

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