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Changes over time for: Paragraph 29
Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 05/04/2015.
Changes to legislation:
There are currently no known outstanding effects for the The Teachers' Pension Scheme Regulations 2014, Paragraph 29.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Eligible to make buy-out electionE+W
This
adran has no associated
Memorandwm Esboniadol
29.—(1) A member (P) who has a normal pension age over 65 may elect to pay contributions to buy out the standard reduction (“buy-out election”) for a period of up to 3 years [insofar as this relates to P’s—
(a)standard earned pension; and
(b)faster accrual earned pension (if any)].
(2) A buy-out election has effect from the day on which the scheme manager accepts the election.
(3) A buy-out election ceases to have effect when the earliest of the following occurs—
(a)P reaches normal pension age;
(b)a retirement pension other than a phased retirement pension becomes payable to P;
(c)P revokes the election or is taken to revoke the election.
(4) A buy-out election may only be made within 6 months after P enters pensionable service under this scheme.
(5) When making a buy-out election, P must be—
(a)in pensionable service; and
(b)under normal pension age.
(6) P may by written notice to the scheme manager vary a buy-out election if P's normal pension age changes before a retirement pension becomes payable to P.
Yn ôl i’r brig