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The Teachers’ Pension Scheme Regulations 2014

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CHAPTER 1Making a buy-out election

Eligible to make buy-out election

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.

(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.

Making a buy-out election

30.—(1) A buy-out election made by a member (P) must state the number of years in respect of which the standard reduction is to be bought out.

(2) A buy-out election must be made by written notice to the scheme manager.

(3) The notice of election must specify—

(a)if P is in more than one eligible employment, the name of the employer who is to deduct the contributions;

(b)P’s name;

(c)P’s date of birth;

(d)P’s normal pension age;

(e)the date on which P entered pensionable service;

(f)P’s annual rate of pensionable earnings for that employment.

(4) The scheme manager may ask P to provide further information.

Accepting a buy-out election

31.—(1) The scheme manager may accept a buy-out election by giving written notice to the person who made the election (P).

(2) The notice must state the buy-out value.

(3) A buy-out election is accepted when P receives notice that the scheme manager has accepted the election.

Determination of the buy-out value

32.—(1) The buy-out value is an amount determined by the scheme manager.

(2) If an additional pension election or a faster accrual election is subsequently made in respect of a person (P), the scheme manager may—

(a)re-determine the buy-out value; and

(b)send a written notice to P stating the re-determined buy-out value.

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