Words in Sch. 2 para. 3(2) inserted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 30

Words in Sch. 2 para. 29(1) inserted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 31

Sch. 2 para. 30(3)(a) substituted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2015 (S.I. 2015/592), regs. 1, 4

http://www.legislation.gov.uk/uksi/2014/512/schedule/2/2015-04-01The Teachers' Pension Scheme Regulations 2014texttext/xmlenStatute Law DatabasePUBLIC SERVICE PENSIONS, ENGLAND AND WALESEDUCATION, ENGLAND AND WALES2024-05-16Expert Participation2015-04-01These Regulations establish a career average re-valued earnings scheme for the payment of pensions and other benefits to and in respect of teachers in England and Wales.SCHEDULE 2

Regulations 3, 46 and 186

Scheme flexibilitiesPART 1General1Interpretation of Schedule

In this Schedule—

additional pension contributions” means contributions for an additional pension;

additional pension election” means an election under Chapter 1 of Part 2 of this Schedule;

amount of accrued extra earned pension” means the amount of accrued earned pension attributable to a faster accrual election;

amount of extra pension” has the meaning given in paragraph 2;

buy-out contributions” means contributions to buy out the standard reduction;

buy-out election” means an election under Chapter 1 of Part 4 of this Schedule;

buy-out value” means an amount determined or re-determined by the scheme manager in accordance with Part 4 of this Schedule;

contributions” means—

a

additional pension contributions;

b

faster accrual contributions; or

c

buy-out contributions;

“contributions payment period”, for contributions paid monthly, means the period which—

a

begins on the start date; and

b

ends on the date on which the final monthly payment is due;

election” means—

a

an additional pension election;

b

a faster accrual election; or

c

a buy-out election;

faster accrual contributions” means contributions for a faster accrual rate;

faster accrual election” means an election under Chapter 1 of Part 3 of this Schedule;

faster accrual rate”, in relation to P's pensionable earnings, means 1/45th, 1/50th or 1/55th;

“monthly payments”, in respect of an election, means contributions paid monthly;

overall amount” means the overall amount of extra pension as defined in paragraph 3;

refund period”, in relation to additional pension contributions, means the period ending one year after the start date;

“start date”—

a

for contributions paid by lump sum, means the date on which the scheme manager receives the lump sum; and

b

for monthly payments, means the first day of the second month after the month in which the election is accepted.

2Meaning of “amount of extra pension”

The amount of extra pension for a person (P) at any given time is the sum of the following—

a

the amount of accrued extra earned pension (if any) at that time;

b

the amount of accrued additional pension (if any) at that time;

c

the buy-out value at that time, if P has elected to buy out the standard reduction.

3Meaning of “overall amount of extra pension”1

The overall amount of extra pension is—

a

£6,500 for any financial year ending before 1st April 2016; and

b

for any financial year beginning on or after that date—

i

an amount determined by the Treasury for that financial year; or

ii

if the Treasury has not determined an amount for that financial year, the amount calculated under sub-paragraph (2).

2

If the Treasury has not determined an amount under sub-paragraph (1)(b)(i) for any financial year, the overall amount for that financial year is the amount to which the annual rate of a pension of an amount equal to the overall amount for the previous financial year would have been increased under PIA 1971 rounded to the nearest £100, if—

a

that pension were eligible to be so increased; and

b

the beginning date for that pension were the first day of the previous financial year.

4Limit on elections1

The scheme manager must not accept an additional pension election or a faster accrual election in relation to a member (P) at any time if—

a

the scheme manager has accepted a buy-out election from P; and

b

the buy-out value at that time exceeds the overall amount of extra pension at that time.

2

The scheme manager must not accept an additional pension election or a faster accrual election that would result in the amount of extra pension exceeding the overall amount of extra pension.

5Actuarial advice

The scheme manager must take advice from the scheme actuary before determining any amount under this Part.

PART 2Additional pension electionCHAPTER 1Making an additional pension election6Election to pay contributions for additional pension1

This paragraph applies in relation to a member of this scheme (P) who—

a

is in pensionable service under this scheme; and

b

has not reached normal pension age under this scheme.

2

P or, with P's consent, P's employer may elect to pay contributions for an additional pension in respect of P (“additional pension election”).

3

An additional pension election—

a

must state whether the election is for—

i

an additional (self only) pension; or

ii

an additional (self only) pension and an additional (surviving adult) pension; and

b

must specify the annual rate of additional (self only) pension to be paid with P's retirement pension.

7Annual rate of additional (self only) pension

The annual rate of additional (self only) pension specified in an additional pension election must be a multiple of—

a

£250; or

b

any other amount determined by the scheme manager.

8Lump sum or monthly payments1

An employer's contributions for additional pension must be made by lump sum.

2

A member's additional pension contributions may be paid by lump sum or by monthly payments.

9Making an additional pension election1

An additional pension election by a member (P) must be made by written notice to the scheme manager stating whether additional pension contributions are to be paid—

a

as a lump sum, or

b

by monthly payments.

2

If monthly payments are to be made, the notice must state the number of monthly payments, which—

a

must not be more than 240; and

b

must end before P reaches normal pension age under this scheme;

3

If P is in pensionable service in relation to more than one employment, the notice must specify which employer is to deduct the contributions.

4

The notice must be accompanied by a declaration by P that P is in normal health.

5

The scheme manager may ask P or P's employer to provide further information.

10Accepting an additional pension election1

The scheme manager may accept an additional pension election by giving written notice to—

a

the member (P); and

b

P's employer.

2

For the purpose of these Regulations, an additional pension election is accepted when P receives notice from the scheme manager.

CHAPTER 2Amount of additional pension contributions11Determination of contributions payable1

The scheme manager must determine the amount to be paid as a lump sum or as a monthly payment.

2

The amount of the lump sum or monthly payment must reflect the cost of paying an additional (self only) pension and any additional (surviving adult) pension.

3

The scheme manager may determine different amounts of lump sum or monthly payment—

a

for different classes or descriptions of member; and

b

depending on whether the additional pension election is for—

i

an additional (self only) pension; or

ii

an additional (self only) pension and an additional (surviving adult) pension.

4

The scheme manager—

a

may determine the amount of a monthly payment by reference to the length of the contributions payment period; and

b

may exercise the functions under this paragraph so as to re-determine the amount of a monthly payment during the contributions payment period.

5

Unless the scheme manager re-determines the amount, monthly payments following a gap in service during which an ill-health pension was payable are the same as before the gap.

CHAPTER 3Additional pension contributions paid by lump sum12Lump sum contributions: payment of contributions and credit of additional pension1

This paragraph applies to a member (P)—

a

in respect of whom an additional pension election is accepted; and

b

whose notice of election states that contributions are to be paid by lump sum.

2

P's additional pension account is to be credited with an amount equal to the annual rate of additional (self only) pension stated in the notice of election (“the amount of additional pension”) if the lump sum contribution is paid within one month after the additional pension election is accepted.

3

P's additional pension account is not to be credited with the amount of additional pension unless the lump sum contribution is paid within that time.

13Refund of lump sum contribution1

This paragraph applies if a member (P) has paid a lump sum contribution for additional pension.

2

The lump sum contribution must be refunded if, before the end of the refund period—

a

P dies;

b

an ill-health pension becomes payable to P; or

c

P leaves all pensionable service and P is neither qualified nor re-qualified for retirement benefits in respect of that service.

CHAPTER 4Additional pension contributions by monthly payments14Application of Chapter

This Chapter applies to a member (P)—

a

in respect of whom an additional pension election is accepted; and

b

whose notice of election states that contributions are to be paid by monthly payments.

15Payment of contributions1

P must—

a

make the first monthly payment on or before the start date; and

b

continue to make the monthly payments until the date on which the final monthly payment is due.

2

The contributions payment period must end before P reaches normal pension age.

3

If the scheme manager re-determines the amount of the monthly payment during the contributions payment period, P must pay the re-determined amount from the beginning of the next financial year.

4

P is taken to revoke an additional pension election if—

a

a monthly payment is missed; and

b

the payment is not made within 3 months after P receives a written demand from the scheme manager.

16Member leaves all pensionable service before end of contributions payment period1

This paragraph applies if—

a

P leaves all pensionable service before the end of the contributions payment period; and

b

P does not pay the scheme manager a lump sum of an amount determined by the scheme manager within the period of 2 months beginning with the last day of pensionable service.

2

If this paragraph applies—

a

monthly payments for additional pension cease to be payable at the end of the period of one month beginning with the last day of pensionable service (“the one-month period”); and

b

the amount of accrued additional pension as at the last day of pensionable service is an amount determined by the scheme manager.

3

For the purpose of this paragraph, P is not taken to have left all pensionable service if—

a

during the one-month period, P begins a period of non-pensionable sick leave; and

b

during the period of non-pensionable sick leave, an ill-health pension becomes payable to P.

17Retirement pension (other than ill-health pension) becomes payable before end of contributions payment period1

This paragraph applies if any of the following retirement pensions becomes payable to P before the end of the contributions payment period—

a

an age retirement pension;

b

a phased retirement pension (if P has elected to receive additional pension with it);

c

a premature retirement pension;

d

an early retirement pension.

2

If this paragraph applies—

a

monthly payments for additional pension cease to be payable on the entitlement day for that pension; and

b

the amount of accrued additional pension as at the relevant last day is an amount determined by the scheme manager.

CHAPTER 5Revocation and refund18Revoking an additional pension election1

P may revoke an additional pension election at any time before the end of the contributions payment period.

2

A revocation must be by written notice to the scheme manager.

3

A revocation has effect from the date it is received by the scheme manager (“date of revocation”).

4

P is taken to revoke an additional pension election if—

a

P leaves all pensionable service before the end of the contributions payment period; and

b

P is qualified or re-qualified for retirement benefits in respect of that service.

5

On the date of revocation—

a

monthly payments for additional pension under that election cease to be payable; and

b

the amount of accrued additional pension as at that date is an amount determined by the scheme manager.

19Ill-health pension becomes payable before end of contributions payment period1

This regulation applies if an ill-health pension becomes payable to a member (P) before the end of the contributions payment period for an additional pension election.

2

If an ill-health pension becomes payable to P before the end of the refund period—

a

any monthly payments that have been made under that additional pension election must be refunded to P; and

b

the amount of accrued additional pension as at the last day of pensionable service must be adjusted by deducting the amount of accrued additional pension attributable to that election.

3

If an ill-health pension becomes payable to P after the end of the refund period—

a

the monthly payments under the additional pension election are treated as being paid until the earlier of—

i

the end of the contributions payment period for that election; or

ii

the day on which an ill-health pension ceases to be payable under regulation 114; and

b

for the purpose of calculating the annual rate of ill-health pension, the amount of accrued additional pension is—

i

if the declaration that accompanied the additional pension election was made in good faith, the amount of accrued additional pension calculated under regulation 46 or 47 as at the last day of pensionable service; or

ii

if that declaration was not made in good faith, an amount determined by the scheme manager having regard to the contributions paid or treated as being paid; and

4

If P re-enters pensionable service when an ill-health pension ceases to be payable under regulation 114, P may choose to resume the monthly payments.

20Death in service before end of contributions payment period1

This paragraph applies on the death of a member (D)—

a

whose additional pension election is for an additional (self only) pension and an additional (surviving adult) pension;

b

who dies in service within the meaning of Part 6 before the end of the contributions payment period for that election.

2

If D dies before the end of the refund period—

a

the monthly payments must be refunded to D's surviving adult; and

b

the additional pension account must be closed.

3

If D dies after the end of the refund period—

a

the monthly payments cease to be payable as at the date of D's death; and

b

for the purpose of calculating a survivor's pension, the amount of accrued additional pension is—

i

if the declaration that accompanied the additional pension election was made in good faith, the amount of accrued additional pension calculated under regulation 46 or 47 as at the day of D's death; or

ii

if that declaration was not made in good faith, an amount determined by the scheme manager having regard to the contributions paid or treated as being paid.

21Member leaves all pensionable service before qualifying for retirement benefits1

This paragraph applies if a member (P) leaves all pensionable service under this scheme before P is qualified for retirement benefits in respect of that service.

2

On an application by P for a repayment of the balance of contributions—

a

any monthly payments made before the last day of pensionable service must be refunded to P; and

b

the additional pension account must be closed.

PART 3Faster accrual electionCHAPTER 1Making the election22Faster accrual election1

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.

23Making a faster accrual election1

A faster accrual election must be made by written notice to the scheme manager.

2

The notice of election must specify—

a

if the member (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 annual amount of pensionable earnings for that employment in the financial year to which the faster accrual election relates.

3

The scheme manager may request further information to be provided.

24Accepting a faster accrual election1

The scheme manager may accept a faster accrual election by giving written notice to—

a

the member (P); and

b

P's employer.

2

For the purpose of these Regulations, a faster accrual election is accepted when P receives notice from the scheme manager.

CHAPTER 2Payment of contributions25Determination of contributions payable

The scheme manager must determine the amount of the monthly payment to be paid in respect of a faster accrual election.

26Payment of contributions1

A member (P)—

a

must make the first monthly payment within 2 months after the end of the month in which the faster accrual election is accepted; and

b

must continue to make the monthly payments until the end of the contributions payment period.

2

The final monthly payment is due in the last month of the financial year to which the faster accrual election relates.

3

P is taken to revoke a faster accrual election if—

a

a monthly payment is missed; and

b

the payment is not made within 3 months after P receives a written demand from the scheme manager.

CHAPTER 3Revocation and refund27Revoking a faster accrual election1

A member (P) may revoke a faster accrual election at any time before the end of the contributions payment period.

2

A revocation must be by written notice to the scheme manager.

3

A revocation has effect from the date it is received by the scheme manager (“date of revocation”).

4

P is taken to revoke a faster accrual election if P leaves pensionable service in the employment to which the election relates before the end of the contributions payment period.

5

If P revokes or is taken to revoke a faster accrual election and P is not entitled to be repaid the balance of contributions under regulation 189—

a

P's monthly payments cease to be payable on the date of revocation; and

b

P's active member's account (or if P has left all pensionable service, P's deferred member's account or pensioner member's account) must be credited with an amount determined by the scheme manager.

6

If P revokes or is taken to revoke a faster accrual election and P is entitled to be repaid the balance of contributions under regulation 189—

a

P's monthly payments cease to be payable on the date of revocation; and

b

P's rights under this scheme are extinguished.

28Member leaves all pensionable service before qualifying for retirement benefits1

This paragraph applies if a member (P) leaves all pensionable service under this scheme before P is qualified for retirement benefits in respect of that service.

2

On an application by P for a repayment of the balance of contributions, any monthly payments made by P before the last day of pensionable service must be refunded to P.

PART 4Election to buy out the standard reductionCHAPTER 1Making a buy-out election29Eligible to make buy-out election1

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.

30Making a buy-out election1

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 names of the employers in relation to P’s eligible employments;

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.

31Accepting a buy-out election1

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.

32Determination of the buy-out value1

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.

CHAPTER 2Payment of buy-out contributions33Determination of contributions payable1

The scheme manager must determine the amount of the monthly payments to be paid in respect of a buy-out election.

2

The scheme manager—

a

may determine the amount of the monthly payments by reference to the number of years stated in the buy-out election and the length of the contributions payment period; and

b

may exercise the functions under this paragraph so as to re-determine the amount of the monthly payments during the contributions payment period.

3

Unless the scheme manager re-determines the amount, monthly payments following a gap in service not exceeding 5 years are the same as before the gap.

34Payment of buy-out contributions1

A member (P) must—

a

make the first monthly payment within 2 months after the end of the month in which a buy-out election is accepted; and

b

continue to make the monthly payments until the end of the contributions payment period.

2

The final monthly payment is due in the month before the buy-out election has effect.

3

If the scheme manager re-determines the amount of the monthly payment during the contributions payment period, P must pay the re-determined amount from the beginning of the next financial year.

4

P is taken to revoke a buy-out election if—

a

a monthly payment is missed; and

b

the payment is not made within 3 months after P receives a written demand from the scheme manager.

35Monthly payments during gap in service1

A member (P) who has a gap in service during the contributions payment period may choose to resume monthly payments on re-entering pensionable service.

2

P is taken to revoke a buy-out election if P's gap in service exceeds 5 years.

CHAPTER 3Revocation and refund36Revoking a buy-out election1

A member (P) may revoke a buy-out election at any time before the end of the contributions payment period.

2

If P revokes a buy-out election or is taken to revoke a buy-out election—

a

P's monthly payments cease to be payable on the date of revocation; and

b

when a retirement pension becomes payable to P, the standard reduction applies to such proportion of the maximum three year period referred to in regulation 73 as is determined by the scheme manager.

3

In determining the proportion, the scheme manager must take into account—

a

the number of monthly payments made; and

b

the number of years stated in the buy-out election.

4

If P revokes the election or is taken to revoke a buy-out election, P may not make a subsequent buy-out election.

5

A revocation must be by written notice to the scheme manager.

6

A revocation has effect from the date it is received by the scheme manager (“date of revocation”).

37Member leaves all pensionable service before qualifying for retirement benefits1

This paragraph applies if a member (P) leaves all pensionable service under this scheme before P is qualified for retirement benefits in respect of that service.

2

On an application by P for a repayment of the balance of contributions, any monthly payments made by P before the last day of pensionable service must be refunded to P.

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<TLCConcept eId="period-concept1" href="/ontology/time/2014.04.01" showAs="since 2014-04-01"/>
<TLCConcept eId="period-concept2" href="/ontology/time/2015.04.01" showAs="since 2015-04-01"/>
<TLCConcept eId="period-concept3" href="/ontology/time/2015.04.01-2015.04.05" showAs="from 2015-04-01 until 2015-04-05"/>
<TLCConcept eId="period-concept4" href="/ontology/time/2015.04.01-2017.11.30" showAs="from 2015-04-01 until 2017-11-30"/>
</references>
<notes source="#source">
<note class="commentary F" eId="key-a35f087821057fa710c388f7e1c1432b">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2014/512/schedule/2/paragraph/3/2">Sch. 2 para. 3(2)</ref>
inserted (1.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/2652">The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/2652/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/2652/regulation/30">30</ref>
</p>
</note>
<note class="commentary F" eId="key-6e3bf35b2a4782406a42d0056e353eae">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2014/512/schedule/2/paragraph/29/1">Sch. 2 para. 29(1)</ref>
inserted (1.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/2652">The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/2652/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/2652/regulation/31">31</ref>
</p>
</note>
<note class="commentary F" eId="key-f6dd7c2c969492536b5a01c33157740c">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2014/512/schedule/2/paragraph/30/3/a">Sch. 2 para. 30(3)(a)</ref>
substituted (1.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/592">The Teachers Pension Scheme (Amendment) Regulations 2015 (S.I. 2015/592)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/592/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/592/regulation/4">4</ref>
</p>
</note>
</notes>
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<dc:description>These Regulations establish a career average re-valued earnings scheme for the payment of pensions and other benefits to and in respect of teachers in England and Wales.</dc:description>
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<num>
SCHEDULE 2
<authorialNote class="referenceNote" placement="right">
<p> Regulations 3, 46 and 186</p>
</authorialNote>
</num>
<heading>Scheme flexibilities</heading>
<part eId="schedule-2-part-1" period="#period2">
<num>
<strong>PART 1</strong>
</num>
<heading>General</heading>
<paragraph eId="schedule-2-paragraph-1" period="#period1">
<num>1</num>
<heading>Interpretation of Schedule</heading>
<content>
<p>In this Schedule—</p>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-additional-pension-contributions">additional pension contributions</term>
” means contributions for an additional pension;
</p>
</item>
<item>
<p>
<term refersTo="#term-additional-pension-election">additional pension election</term>
” means an election under Chapter 1 of Part 2 of this Schedule;
</p>
</item>
<item>
<p>
<term refersTo="#term-amount-of-accrued-extra-earned-pension">amount of accrued extra earned pension</term>
” means the amount of accrued earned pension attributable to a faster accrual election;
</p>
</item>
<item>
<p>
<term refersTo="#term-amount-of-extra-pension">amount of extra pension</term>
” has the meaning given in paragraph 2;
</p>
</item>
<item>
<p>
<term refersTo="#term-buy-out-contributions">buy-out contributions</term>
” means contributions to buy out the standard reduction;
</p>
</item>
<item>
<p>
<term refersTo="#term-buy-out-election">buy-out election</term>
” means an election under Chapter 1 of Part 4 of this Schedule;
</p>
</item>
<item>
<p>
<term refersTo="#term-buy-out-value">buy-out value</term>
” means an amount determined or re-determined by the scheme manager in accordance with Part 4 of this Schedule;
</p>
</item>
<item>
<p>
<term refersTo="#term-contributions">contributions</term>
” means—
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>additional pension contributions;</p>
</item>
<item>
<num>b</num>
<p>faster accrual contributions; or</p>
</item>
<item>
<num>c</num>
<p>buy-out contributions;</p>
</item>
</blockList>
</item>
<item>
<p>“contributions payment period”, for contributions paid monthly, means the period which—</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>begins on the start date; and</p>
</item>
<item>
<num>b</num>
<p>ends on the date on which the final monthly payment is due;</p>
</item>
</blockList>
</item>
<item>
<p>
<term refersTo="#term-election">election</term>
” means—
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>an additional pension election;</p>
</item>
<item>
<num>b</num>
<p>a faster accrual election; or</p>
</item>
<item>
<num>c</num>
<p>a buy-out election;</p>
</item>
</blockList>
</item>
<item>
<p>
<term refersTo="#term-faster-accrual-contributions">faster accrual contributions</term>
” means contributions for a faster accrual rate;
</p>
</item>
<item>
<p>
<term refersTo="#term-faster-accrual-election">faster accrual election</term>
” means an election under Chapter 1 of Part 3 of this Schedule;
</p>
</item>
<item>
<p>
<term refersTo="#term-faster-accrual-rate">faster accrual rate</term>
”, in relation to P's pensionable earnings, means 1/45th, 1/50th or 1/55th;
</p>
</item>
<item>
<p>“monthly payments”, in respect of an election, means contributions paid monthly;</p>
</item>
<item>
<p>
<term refersTo="#term-overall-amount">overall amount</term>
” means the overall amount of extra pension as defined in paragraph 3;
</p>
</item>
<item>
<p>
<term refersTo="#term-refund-period">refund period</term>
”, in relation to additional pension contributions, means the period ending one year after the start date;
</p>
</item>
<item>
<p>“start date”—</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>for contributions paid by lump sum, means the date on which the scheme manager receives the lump sum; and</p>
</item>
<item>
<num>b</num>
<p>for monthly payments, means the first day of the second month after the month in which the election is accepted.</p>
</item>
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</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-2" period="#period1">
<num>2</num>
<heading>Meaning of “amount of extra pension”</heading>
<intro>
<p>The amount of extra pension for a person (P) at any given time is the sum of the following—</p>
</intro>
<paragraph eId="schedule-2-paragraph-2-a">
<num>a</num>
<content>
<p>the amount of accrued extra earned pension (if any) at that time;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-2-b">
<num>b</num>
<content>
<p>the amount of accrued additional pension (if any) at that time;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-2-c">
<num>c</num>
<content>
<p>the buy-out value at that time, if P has elected to buy out the standard reduction.</p>
</content>
</paragraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-3" period="#period2">
<num>3</num>
<heading>Meaning of “overall amount of extra pension”</heading>
<subparagraph eId="schedule-2-paragraph-3-1">
<num>1</num>
<intro>
<p>The overall amount of extra pension is—</p>
</intro>
<paragraph eId="schedule-2-paragraph-3-1-a">
<num>a</num>
<content>
<p>£6,500 for any financial year ending before 1st April 2016; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-3-1-b">
<num>b</num>
<intro>
<p>for any financial year beginning on or after that date—</p>
</intro>
<subparagraph eId="schedule-2-paragraph-3-1-b-i">
<num>i</num>
<content>
<p>an amount determined by the Treasury for that financial year; or</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-3-1-b-ii">
<num>ii</num>
<content>
<p>if the Treasury has not determined an amount for that financial year, the amount calculated under sub-paragraph (2).</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-3-2">
<num>2</num>
<intro>
<p>
If the Treasury has not determined an amount under sub-paragraph (1)(b)(i) for any financial year, the overall amount for that financial year is the amount to which the annual rate of a pension of an amount equal to the overall amount for the previous financial year would have been increased under PIA 1971
<ins class="key-a35f087821057fa710c388f7e1c1432b-1586862427718 first last">
<noteRef href="#key-a35f087821057fa710c388f7e1c1432b" marker="F1" class="commentary attribute F"/>
rounded to the nearest £100,
</ins>
if—
</p>
</intro>
<paragraph eId="schedule-2-paragraph-3-2-a">
<num>a</num>
<content>
<p>that pension were eligible to be so increased; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-3-2-b">
<num>b</num>
<content>
<p>the beginning date for that pension were the first day of the previous financial year.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-4" period="#period1">
<num>4</num>
<heading>Limit on elections</heading>
<subparagraph eId="schedule-2-paragraph-4-1">
<num>1</num>
<intro>
<p>The scheme manager must not accept an additional pension election or a faster accrual election in relation to a member (P) at any time if—</p>
</intro>
<paragraph eId="schedule-2-paragraph-4-1-a">
<num>a</num>
<content>
<p>the scheme manager has accepted a buy-out election from P; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-4-1-b">
<num>b</num>
<content>
<p>the buy-out value at that time exceeds the overall amount of extra pension at that time.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-4-2">
<num>2</num>
<content>
<p>The scheme manager must not accept an additional pension election or a faster accrual election that would result in the amount of extra pension exceeding the overall amount of extra pension.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-5" period="#period1">
<num>5</num>
<heading>Actuarial advice</heading>
<content>
<p>The scheme manager must take advice from the scheme actuary before determining any amount under this Part.</p>
</content>
</paragraph>
</part>
<part eId="schedule-2-part-2" period="#period1">
<num>
<strong>PART 2</strong>
</num>
<heading>Additional pension election</heading>
<chapter eId="schedule-2-part-2-chapter-1" period="#period1">
<num>CHAPTER 1</num>
<heading>Making an additional pension election</heading>
<paragraph eId="schedule-2-paragraph-6" period="#period1">
<num>6</num>
<heading>Election to pay contributions for additional pension</heading>
<subparagraph eId="schedule-2-paragraph-6-1">
<num>1</num>
<intro>
<p>This paragraph applies in relation to a member of this scheme (P) who—</p>
</intro>
<paragraph eId="schedule-2-paragraph-6-1-a">
<num>a</num>
<content>
<p>is in pensionable service under this scheme; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-6-1-b">
<num>b</num>
<content>
<p>has not reached normal pension age under this scheme.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-6-2">
<num>2</num>
<content>
<p>P or, with P's consent, P's employer may elect to pay contributions for an additional pension in respect of P (“additional pension election”).</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-6-3">
<num>3</num>
<intro>
<p>An additional pension election—</p>
</intro>
<paragraph eId="schedule-2-paragraph-6-3-a">
<num>a</num>
<intro>
<p>must state whether the election is for—</p>
</intro>
<subparagraph eId="schedule-2-paragraph-6-3-a-i">
<num>i</num>
<content>
<p>an additional (self only) pension; or</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-6-3-a-ii">
<num>ii</num>
<content>
<p>an additional (self only) pension and an additional (surviving adult) pension; and</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-6-3-b">
<num>b</num>
<content>
<p>must specify the annual rate of additional (self only) pension to be paid with P's retirement pension.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-7" period="#period1">
<num>7</num>
<heading>Annual rate of additional (self only) pension</heading>
<intro>
<p>The annual rate of additional (self only) pension specified in an additional pension election must be a multiple of—</p>
</intro>
<paragraph eId="schedule-2-paragraph-7-a">
<num>a</num>
<content>
<p>£250; or</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-7-b">
<num>b</num>
<content>
<p>any other amount determined by the scheme manager.</p>
</content>
</paragraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-8" period="#period1">
<num>8</num>
<heading>Lump sum or monthly payments</heading>
<subparagraph eId="schedule-2-paragraph-8-1">
<num>1</num>
<content>
<p>An employer's contributions for additional pension must be made by lump sum.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-8-2">
<num>2</num>
<content>
<p>A member's additional pension contributions may be paid by lump sum or by monthly payments.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-9" period="#period1">
<num>9</num>
<heading>Making an additional pension election</heading>
<subparagraph eId="schedule-2-paragraph-9-1">
<num>1</num>
<intro>
<p>An additional pension election by a member (P) must be made by written notice to the scheme manager stating whether additional pension contributions are to be paid—</p>
</intro>
<paragraph eId="schedule-2-paragraph-9-1-a">
<num>a</num>
<content>
<p>as a lump sum, or</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-9-1-b">
<num>b</num>
<content>
<p>by monthly payments.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-9-2">
<num>2</num>
<intro>
<p>If monthly payments are to be made, the notice must state the number of monthly payments, which—</p>
</intro>
<paragraph eId="schedule-2-paragraph-9-2-a">
<num>a</num>
<content>
<p>must not be more than 240; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-9-2-b">
<num>b</num>
<content>
<p>must end before P reaches normal pension age under this scheme;</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-9-3">
<num>3</num>
<content>
<p>If P is in pensionable service in relation to more than one employment, the notice must specify which employer is to deduct the contributions.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-9-4">
<num>4</num>
<content>
<p>The notice must be accompanied by a declaration by P that P is in normal health.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-9-5">
<num>5</num>
<content>
<p>The scheme manager may ask P or P's employer to provide further information.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-10" period="#period1">
<num>10</num>
<heading>Accepting an additional pension election</heading>
<subparagraph eId="schedule-2-paragraph-10-1">
<num>1</num>
<intro>
<p>The scheme manager may accept an additional pension election by giving written notice to—</p>
</intro>
<paragraph eId="schedule-2-paragraph-10-1-a">
<num>a</num>
<content>
<p>the member (P); and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-10-1-b">
<num>b</num>
<content>
<p>P's employer.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-10-2">
<num>2</num>
<content>
<p>For the purpose of these Regulations, an additional pension election is accepted when P receives notice from the scheme manager.</p>
</content>
</subparagraph>
</paragraph>
</chapter>
<chapter eId="schedule-2-part-2-chapter-2" period="#period1">
<num>CHAPTER 2</num>
<heading>Amount of additional pension contributions</heading>
<paragraph eId="schedule-2-paragraph-11" period="#period1">
<num>11</num>
<heading>Determination of contributions payable</heading>
<subparagraph eId="schedule-2-paragraph-11-1">
<num>1</num>
<content>
<p>The scheme manager must determine the amount to be paid as a lump sum or as a monthly payment.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-11-2">
<num>2</num>
<content>
<p>The amount of the lump sum or monthly payment must reflect the cost of paying an additional (self only) pension and any additional (surviving adult) pension.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-11-3">
<num>3</num>
<intro>
<p>The scheme manager may determine different amounts of lump sum or monthly payment—</p>
</intro>
<paragraph eId="schedule-2-paragraph-11-3-a">
<num>a</num>
<content>
<p>for different classes or descriptions of member; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-11-3-b">
<num>b</num>
<intro>
<p>depending on whether the additional pension election is for—</p>
</intro>
<subparagraph eId="schedule-2-paragraph-11-3-b-i">
<num>i</num>
<content>
<p>an additional (self only) pension; or</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-11-3-b-ii">
<num>ii</num>
<content>
<p>an additional (self only) pension and an additional (surviving adult) pension.</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-11-4">
<num>4</num>
<intro>
<p>The scheme manager—</p>
</intro>
<paragraph eId="schedule-2-paragraph-11-4-a">
<num>a</num>
<content>
<p>may determine the amount of a monthly payment by reference to the length of the contributions payment period; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-11-4-b">
<num>b</num>
<content>
<p>may exercise the functions under this paragraph so as to re-determine the amount of a monthly payment during the contributions payment period.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-11-5">
<num>5</num>
<content>
<p>Unless the scheme manager re-determines the amount, monthly payments following a gap in service during which an ill-health pension was payable are the same as before the gap.</p>
</content>
</subparagraph>
</paragraph>
</chapter>
<chapter eId="schedule-2-part-2-chapter-3" period="#period1">
<num>CHAPTER 3</num>
<heading>Additional pension contributions paid by lump sum</heading>
<paragraph eId="schedule-2-paragraph-12" period="#period1">
<num>12</num>
<heading>Lump sum contributions: payment of contributions and credit of additional pension</heading>
<subparagraph eId="schedule-2-paragraph-12-1">
<num>1</num>
<intro>
<p>This paragraph applies to a member (P)—</p>
</intro>
<paragraph eId="schedule-2-paragraph-12-1-a">
<num>a</num>
<content>
<p>in respect of whom an additional pension election is accepted; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-12-1-b">
<num>b</num>
<content>
<p>whose notice of election states that contributions are to be paid by lump sum.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-12-2">
<num>2</num>
<content>
<p>P's additional pension account is to be credited with an amount equal to the annual rate of additional (self only) pension stated in the notice of election (“the amount of additional pension”) if the lump sum contribution is paid within one month after the additional pension election is accepted.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-12-3">
<num>3</num>
<content>
<p>P's additional pension account is not to be credited with the amount of additional pension unless the lump sum contribution is paid within that time.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-13" period="#period1">
<num>13</num>
<heading>Refund of lump sum contribution</heading>
<subparagraph eId="schedule-2-paragraph-13-1">
<num>1</num>
<content>
<p>This paragraph applies if a member (P) has paid a lump sum contribution for additional pension.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-13-2">
<num>2</num>
<intro>
<p>The lump sum contribution must be refunded if, before the end of the refund period—</p>
</intro>
<paragraph eId="schedule-2-paragraph-13-2-a">
<num>a</num>
<content>
<p>P dies;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-13-2-b">
<num>b</num>
<content>
<p>an ill-health pension becomes payable to P; or</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-13-2-c">
<num>c</num>
<content>
<p>P leaves all pensionable service and P is neither qualified nor re-qualified for retirement benefits in respect of that service.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</chapter>
<chapter eId="schedule-2-part-2-chapter-4" period="#period1">
<num>CHAPTER 4</num>
<heading>Additional pension contributions by monthly payments</heading>
<paragraph eId="schedule-2-paragraph-14" period="#period1">
<num>14</num>
<heading>Application of Chapter</heading>
<intro>
<p>This Chapter applies to a member (P)—</p>
</intro>
<paragraph eId="schedule-2-paragraph-14-a">
<num>a</num>
<content>
<p>in respect of whom an additional pension election is accepted; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-14-b">
<num>b</num>
<content>
<p>whose notice of election states that contributions are to be paid by monthly payments.</p>
</content>
</paragraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-15" period="#period1">
<num>15</num>
<heading>Payment of contributions</heading>
<subparagraph eId="schedule-2-paragraph-15-1">
<num>1</num>
<intro>
<p>P must—</p>
</intro>
<paragraph eId="schedule-2-paragraph-15-1-a">
<num>a</num>
<content>
<p>make the first monthly payment on or before the start date; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-15-1-b">
<num>b</num>
<content>
<p>continue to make the monthly payments until the date on which the final monthly payment is due.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-15-2">
<num>2</num>
<content>
<p>The contributions payment period must end before P reaches normal pension age.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-15-3">
<num>3</num>
<content>
<p>If the scheme manager re-determines the amount of the monthly payment during the contributions payment period, P must pay the re-determined amount from the beginning of the next financial year.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-15-4">
<num>4</num>
<intro>
<p>P is taken to revoke an additional pension election if—</p>
</intro>
<paragraph eId="schedule-2-paragraph-15-4-a">
<num>a</num>
<content>
<p>a monthly payment is missed; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-15-4-b">
<num>b</num>
<content>
<p>the payment is not made within 3 months after P receives a written demand from the scheme manager.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-16" period="#period1">
<num>16</num>
<heading>Member leaves all pensionable service before end of contributions payment period</heading>
<subparagraph eId="schedule-2-paragraph-16-1">
<num>1</num>
<intro>
<p>This paragraph applies if—</p>
</intro>
<paragraph eId="schedule-2-paragraph-16-1-a">
<num>a</num>
<content>
<p>P leaves all pensionable service before the end of the contributions payment period; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-16-1-b">
<num>b</num>
<content>
<p>P does not pay the scheme manager a lump sum of an amount determined by the scheme manager within the period of 2 months beginning with the last day of pensionable service.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-16-2">
<num>2</num>
<intro>
<p>If this paragraph applies—</p>
</intro>
<paragraph eId="schedule-2-paragraph-16-2-a">
<num>a</num>
<content>
<p>monthly payments for additional pension cease to be payable at the end of the period of one month beginning with the last day of pensionable service (“the one-month period”); and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-16-2-b">
<num>b</num>
<content>
<p>the amount of accrued additional pension as at the last day of pensionable service is an amount determined by the scheme manager.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-16-3">
<num>3</num>
<intro>
<p>For the purpose of this paragraph, P is not taken to have left all pensionable service if—</p>
</intro>
<paragraph eId="schedule-2-paragraph-16-3-a">
<num>a</num>
<content>
<p>during the one-month period, P begins a period of non-pensionable sick leave; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-16-3-b">
<num>b</num>
<content>
<p>during the period of non-pensionable sick leave, an ill-health pension becomes payable to P.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-17" period="#period1">
<num>17</num>
<heading>Retirement pension (other than ill-health pension) becomes payable before end of contributions payment period</heading>
<subparagraph eId="schedule-2-paragraph-17-1">
<num>1</num>
<intro>
<p>This paragraph applies if any of the following retirement pensions becomes payable to P before the end of the contributions payment period—</p>
</intro>
<paragraph eId="schedule-2-paragraph-17-1-a">
<num>a</num>
<content>
<p>an age retirement pension;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-17-1-b">
<num>b</num>
<content>
<p>a phased retirement pension (if P has elected to receive additional pension with it);</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-17-1-c">
<num>c</num>
<content>
<p>a premature retirement pension;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-17-1-d">
<num>d</num>
<content>
<p>an early retirement pension.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-17-2">
<num>2</num>
<intro>
<p>If this paragraph applies—</p>
</intro>
<paragraph eId="schedule-2-paragraph-17-2-a">
<num>a</num>
<content>
<p>monthly payments for additional pension cease to be payable on the entitlement day for that pension; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-17-2-b">
<num>b</num>
<content>
<p>the amount of accrued additional pension as at the relevant last day is an amount determined by the scheme manager.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</chapter>
<chapter eId="schedule-2-part-2-chapter-5" period="#period1">
<num>CHAPTER 5</num>
<heading>Revocation and refund</heading>
<paragraph eId="schedule-2-paragraph-18" period="#period1">
<num>18</num>
<heading>Revoking an additional pension election</heading>
<subparagraph eId="schedule-2-paragraph-18-1">
<num>1</num>
<content>
<p>P may revoke an additional pension election at any time before the end of the contributions payment period.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-18-2">
<num>2</num>
<content>
<p>A revocation must be by written notice to the scheme manager.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-18-3">
<num>3</num>
<content>
<p>A revocation has effect from the date it is received by the scheme manager (“date of revocation”).</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-18-4">
<num>4</num>
<intro>
<p>P is taken to revoke an additional pension election if—</p>
</intro>
<paragraph eId="schedule-2-paragraph-18-4-a">
<num>a</num>
<content>
<p>P leaves all pensionable service before the end of the contributions payment period; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-18-4-b">
<num>b</num>
<content>
<p>P is qualified or re-qualified for retirement benefits in respect of that service.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-18-5">
<num>5</num>
<intro>
<p>On the date of revocation—</p>
</intro>
<paragraph eId="schedule-2-paragraph-18-5-a">
<num>a</num>
<content>
<p>monthly payments for additional pension under that election cease to be payable; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-18-5-b">
<num>b</num>
<content>
<p>the amount of accrued additional pension as at that date is an amount determined by the scheme manager.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-19" period="#period1">
<num>19</num>
<heading>Ill-health pension becomes payable before end of contributions payment period</heading>
<subparagraph eId="schedule-2-paragraph-19-1">
<num>1</num>
<content>
<p>This regulation applies if an ill-health pension becomes payable to a member (P) before the end of the contributions payment period for an additional pension election.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-19-2">
<num>2</num>
<intro>
<p>If an ill-health pension becomes payable to P before the end of the refund period—</p>
</intro>
<paragraph eId="schedule-2-paragraph-19-2-a">
<num>a</num>
<content>
<p>any monthly payments that have been made under that additional pension election must be refunded to P; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-19-2-b">
<num>b</num>
<content>
<p>the amount of accrued additional pension as at the last day of pensionable service must be adjusted by deducting the amount of accrued additional pension attributable to that election.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-19-3">
<num>3</num>
<intro>
<p>If an ill-health pension becomes payable to P after the end of the refund period—</p>
</intro>
<paragraph eId="schedule-2-paragraph-19-3-a">
<num>a</num>
<intro>
<p>the monthly payments under the additional pension election are treated as being paid until the earlier of—</p>
</intro>
<subparagraph eId="schedule-2-paragraph-19-3-a-i">
<num>i</num>
<content>
<p>the end of the contributions payment period for that election; or</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-19-3-a-ii">
<num>ii</num>
<content>
<p>the day on which an ill-health pension ceases to be payable under regulation 114; and</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-19-3-b">
<num>b</num>
<intro>
<p>for the purpose of calculating the annual rate of ill-health pension, the amount of accrued additional pension is—</p>
</intro>
<subparagraph eId="schedule-2-paragraph-19-3-b-i">
<num>i</num>
<content>
<p>if the declaration that accompanied the additional pension election was made in good faith, the amount of accrued additional pension calculated under regulation 46 or 47 as at the last day of pensionable service; or</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-19-3-b-ii">
<num>ii</num>
<content>
<p>if that declaration was not made in good faith, an amount determined by the scheme manager having regard to the contributions paid or treated as being paid; and</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-19-4">
<num>4</num>
<content>
<p>If P re-enters pensionable service when an ill-health pension ceases to be payable under regulation 114, P may choose to resume the monthly payments.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-20" period="#period1">
<num>20</num>
<heading>Death in service before end of contributions payment period</heading>
<subparagraph eId="schedule-2-paragraph-20-1">
<num>1</num>
<intro>
<p>This paragraph applies on the death of a member (D)—</p>
</intro>
<paragraph eId="schedule-2-paragraph-20-1-a">
<num>a</num>
<content>
<p>whose additional pension election is for an additional (self only) pension and an additional (surviving adult) pension;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-20-1-b">
<num>b</num>
<content>
<p>who dies in service within the meaning of Part 6 before the end of the contributions payment period for that election.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-20-2">
<num>2</num>
<intro>
<p>If D dies before the end of the refund period—</p>
</intro>
<paragraph eId="schedule-2-paragraph-20-2-a">
<num>a</num>
<content>
<p>the monthly payments must be refunded to D's surviving adult; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-20-2-b">
<num>b</num>
<content>
<p>the additional pension account must be closed.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-20-3">
<num>3</num>
<intro>
<p>If D dies after the end of the refund period—</p>
</intro>
<paragraph eId="schedule-2-paragraph-20-3-a">
<num>a</num>
<content>
<p>the monthly payments cease to be payable as at the date of D's death; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-20-3-b">
<num>b</num>
<intro>
<p>for the purpose of calculating a survivor's pension, the amount of accrued additional pension is—</p>
</intro>
<subparagraph eId="schedule-2-paragraph-20-3-b-i">
<num>i</num>
<content>
<p>if the declaration that accompanied the additional pension election was made in good faith, the amount of accrued additional pension calculated under regulation 46 or 47 as at the day of D's death; or</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-20-3-b-ii">
<num>ii</num>
<content>
<p>if that declaration was not made in good faith, an amount determined by the scheme manager having regard to the contributions paid or treated as being paid.</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-21" period="#period1">
<num>21</num>
<heading>Member leaves all pensionable service before qualifying for retirement benefits</heading>
<subparagraph eId="schedule-2-paragraph-21-1">
<num>1</num>
<content>
<p>This paragraph applies if a member (P) leaves all pensionable service under this scheme before P is qualified for retirement benefits in respect of that service.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-21-2">
<num>2</num>
<intro>
<p>On an application by P for a repayment of the balance of contributions—</p>
</intro>
<paragraph eId="schedule-2-paragraph-21-2-a">
<num>a</num>
<content>
<p>any monthly payments made before the last day of pensionable service must be refunded to P; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-21-2-b">
<num>b</num>
<content>
<p>the additional pension account must be closed.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</chapter>
</part>
<part eId="schedule-2-part-3" period="#period1">
<num>
<strong>PART 3</strong>
</num>
<heading>Faster accrual election</heading>
<chapter eId="schedule-2-part-3-chapter-1" period="#period1">
<num>CHAPTER 1</num>
<heading>Making the election</heading>
<paragraph eId="schedule-2-paragraph-22" period="#period1">
<num>22</num>
<heading>Faster accrual election</heading>
<subparagraph eId="schedule-2-paragraph-22-1">
<num>1</num>
<intro>
<p>This paragraph applies to a person (P) who—</p>
</intro>
<paragraph eId="schedule-2-paragraph-22-1-a">
<num>a</num>
<content>
<p>is in pensionable service under this scheme in relation to an employment; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-22-1-b">
<num>b</num>
<content>
<p>has not reached normal pension age under this scheme.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-22-2">
<num>2</num>
<content>
<p>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”).</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-22-3">
<num>3</num>
<content>
<p>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.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-22-4">
<num>4</num>
<intro>
<p>A faster accrual election must be made—</p>
</intro>
<paragraph eId="schedule-2-paragraph-22-4-a">
<num>a</num>
<content>
<p>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</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-22-4-b">
<num>b</num>
<content>
<p>otherwise, in the financial year before the financial year to which it relates.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-22-5">
<num>5</num>
<intro>
<p>A faster accrual election has effect as follows—</p>
</intro>
<paragraph eId="schedule-2-paragraph-22-5-a">
<num>a</num>
<content>
<p>if sub-paragraph (4)(a) applies, from one month after the election is received by the scheme manager; or</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-22-5-b">
<num>b</num>
<content>
<p>otherwise, from the start of the financial year to which it relates.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-22-6">
<num>6</num>
<content>
<p>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.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-23" period="#period1">
<num>23</num>
<heading>Making a faster accrual election</heading>
<subparagraph eId="schedule-2-paragraph-23-1">
<num>1</num>
<content>
<p>A faster accrual election must be made by written notice to the scheme manager.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-23-2">
<num>2</num>
<intro>
<p>The notice of election must specify—</p>
</intro>
<paragraph eId="schedule-2-paragraph-23-2-a">
<num>a</num>
<content>
<p>if the member (P) is in more than one eligible employment, the name of the employer who is to deduct the contributions;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-23-2-b">
<num>b</num>
<content>
<p>P's name;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-23-2-c">
<num>c</num>
<content>
<p>P's date of birth;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-23-2-d">
<num>d</num>
<content>
<p>P's annual amount of pensionable earnings for that employment in the financial year to which the faster accrual election relates.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-23-3">
<num>3</num>
<content>
<p>The scheme manager may request further information to be provided.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-24" period="#period1">
<num>24</num>
<heading>Accepting a faster accrual election</heading>
<subparagraph eId="schedule-2-paragraph-24-1">
<num>1</num>
<intro>
<p>The scheme manager may accept a faster accrual election by giving written notice to—</p>
</intro>
<paragraph eId="schedule-2-paragraph-24-1-a">
<num>a</num>
<content>
<p>the member (P); and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-24-1-b">
<num>b</num>
<content>
<p>P's employer.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-24-2">
<num>2</num>
<content>
<p>For the purpose of these Regulations, a faster accrual election is accepted when P receives notice from the scheme manager.</p>
</content>
</subparagraph>
</paragraph>
</chapter>
<chapter eId="schedule-2-part-3-chapter-2" period="#period1">
<num>CHAPTER 2</num>
<heading>Payment of contributions</heading>
<paragraph eId="schedule-2-paragraph-25" period="#period1">
<num>25</num>
<heading>Determination of contributions payable</heading>
<content>
<p>The scheme manager must determine the amount of the monthly payment to be paid in respect of a faster accrual election.</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-26" period="#period1">
<num>26</num>
<heading>Payment of contributions</heading>
<subparagraph eId="schedule-2-paragraph-26-1">
<num>1</num>
<intro>
<p>A member (P)—</p>
</intro>
<paragraph eId="schedule-2-paragraph-26-1-a">
<num>a</num>
<content>
<p>must make the first monthly payment within 2 months after the end of the month in which the faster accrual election is accepted; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-26-1-b">
<num>b</num>
<content>
<p>must continue to make the monthly payments until the end of the contributions payment period.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-26-2">
<num>2</num>
<content>
<p>The final monthly payment is due in the last month of the financial year to which the faster accrual election relates.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-26-3">
<num>3</num>
<intro>
<p>P is taken to revoke a faster accrual election if—</p>
</intro>
<paragraph eId="schedule-2-paragraph-26-3-a">
<num>a</num>
<content>
<p>a monthly payment is missed; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-26-3-b">
<num>b</num>
<content>
<p>the payment is not made within 3 months after P receives a written demand from the scheme manager.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</chapter>
<chapter eId="schedule-2-part-3-chapter-3" period="#period1">
<num>CHAPTER 3</num>
<heading>Revocation and refund</heading>
<paragraph eId="schedule-2-paragraph-27" period="#period1">
<num>27</num>
<heading>Revoking a faster accrual election</heading>
<subparagraph eId="schedule-2-paragraph-27-1">
<num>1</num>
<content>
<p>A member (P) may revoke a faster accrual election at any time before the end of the contributions payment period.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-27-2">
<num>2</num>
<content>
<p>A revocation must be by written notice to the scheme manager.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-27-3">
<num>3</num>
<content>
<p>A revocation has effect from the date it is received by the scheme manager (“date of revocation”).</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-27-4">
<num>4</num>
<content>
<p>P is taken to revoke a faster accrual election if P leaves pensionable service in the employment to which the election relates before the end of the contributions payment period.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-27-5">
<num>5</num>
<intro>
<p>If P revokes or is taken to revoke a faster accrual election and P is not entitled to be repaid the balance of contributions under regulation 189—</p>
</intro>
<paragraph eId="schedule-2-paragraph-27-5-a">
<num>a</num>
<content>
<p>P's monthly payments cease to be payable on the date of revocation; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-27-5-b">
<num>b</num>
<content>
<p>P's active member's account (or if P has left all pensionable service, P's deferred member's account or pensioner member's account) must be credited with an amount determined by the scheme manager.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-27-6">
<num>6</num>
<intro>
<p>If P revokes or is taken to revoke a faster accrual election and P is entitled to be repaid the balance of contributions under regulation 189—</p>
</intro>
<paragraph eId="schedule-2-paragraph-27-6-a">
<num>a</num>
<content>
<p>P's monthly payments cease to be payable on the date of revocation; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-27-6-b">
<num>b</num>
<content>
<p>P's rights under this scheme are extinguished.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-28" period="#period1">
<num>28</num>
<heading>Member leaves all pensionable service before qualifying for retirement benefits</heading>
<subparagraph eId="schedule-2-paragraph-28-1">
<num>1</num>
<content>
<p>This paragraph applies if a member (P) leaves all pensionable service under this scheme before P is qualified for retirement benefits in respect of that service.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-28-2">
<num>2</num>
<content>
<p>On an application by P for a repayment of the balance of contributions, any monthly payments made by P before the last day of pensionable service must be refunded to P.</p>
</content>
</subparagraph>
</paragraph>
</chapter>
</part>
<part eId="schedule-2-part-4" period="#period2">
<num>
<strong>PART 4</strong>
</num>
<heading>Election to buy out the standard reduction</heading>
<chapter eId="schedule-2-part-4-chapter-1" period="#period2">
<num>CHAPTER 1</num>
<heading>Making a buy-out election</heading>
<paragraph eId="schedule-2-paragraph-29" period="#period2">
<num>29</num>
<heading>Eligible to make buy-out election</heading>
<subparagraph eId="schedule-2-paragraph-29-1">
<num>1</num>
<intro>
<p>
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
<ins class="key-6e3bf35b2a4782406a42d0056e353eae-1586862530760 first">
<noteRef href="#key-6e3bf35b2a4782406a42d0056e353eae" marker="F2" class="commentary attribute F"/>
insofar as this relates to P’s—
</ins>
</p>
</intro>
<paragraph eId="schedule-2-paragraph-29-1-a">
<num>
<ins class="key-6e3bf35b2a4782406a42d0056e353eae-1586862530760">a</ins>
</num>
<content>
<p>
<ins class="key-6e3bf35b2a4782406a42d0056e353eae-1586862530760">standard earned pension; and</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-29-1-b">
<num>
<ins class="key-6e3bf35b2a4782406a42d0056e353eae-1586862530760">b</ins>
</num>
<content>
<p>
<ins class="key-6e3bf35b2a4782406a42d0056e353eae-1586862530760 last">faster accrual earned pension (if any)</ins>
.
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-29-2">
<num>2</num>
<content>
<p>A buy-out election has effect from the day on which the scheme manager accepts the election.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-29-3">
<num>3</num>
<intro>
<p>A buy-out election ceases to have effect when the earliest of the following occurs—</p>
</intro>
<paragraph eId="schedule-2-paragraph-29-3-a">
<num>a</num>
<content>
<p>P reaches normal pension age;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-29-3-b">
<num>b</num>
<content>
<p>a retirement pension other than a phased retirement pension becomes payable to P;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-29-3-c">
<num>c</num>
<content>
<p>P revokes the election or is taken to revoke the election.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-29-4">
<num>4</num>
<content>
<p>A buy-out election may only be made within 6 months after P enters pensionable service under this scheme.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-29-5">
<num>5</num>
<intro>
<p>When making a buy-out election, P must be—</p>
</intro>
<paragraph eId="schedule-2-paragraph-29-5-a">
<num>a</num>
<content>
<p>in pensionable service; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-29-5-b">
<num>b</num>
<content>
<p>under normal pension age.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-29-6">
<num>6</num>
<content>
<p>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.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-30" period="#period2">
<num>30</num>
<heading>Making a buy-out election</heading>
<subparagraph eId="schedule-2-paragraph-30-1">
<num>1</num>
<content>
<p>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.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-30-2">
<num>2</num>
<content>
<p>A buy-out election must be made by written notice to the scheme manager.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-30-3">
<num>3</num>
<intro>
<p>The notice of election must specify—</p>
</intro>
<paragraph eId="schedule-2-paragraph-30-3-a">
<num>
<ins class="substitution key-f6dd7c2c969492536b5a01c33157740c-1586862810120 first">
<noteRef href="#key-f6dd7c2c969492536b5a01c33157740c" marker="F3" class="commentary attribute F"/>
a
</ins>
</num>
<content>
<p>
<ins class="substitution key-f6dd7c2c969492536b5a01c33157740c-1586862810120 last">if P is in more than one eligible employment, the names of the employers in relation to P’s eligible employments;</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-30-3-b">
<num>b</num>
<content>
<p>P's name;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-30-3-c">
<num>c</num>
<content>
<p>P's date of birth;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-30-3-d">
<num>d</num>
<content>
<p>P's normal pension age;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-30-3-e">
<num>e</num>
<content>
<p>the date on which P entered pensionable service;</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-30-3-f">
<num>f</num>
<content>
<p>P's annual rate of pensionable earnings for that employment.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-30-4">
<num>4</num>
<content>
<p>The scheme manager may ask P to provide further information.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-31" period="#period1">
<num>31</num>
<heading>Accepting a buy-out election</heading>
<subparagraph eId="schedule-2-paragraph-31-1">
<num>1</num>
<content>
<p>The scheme manager may accept a buy-out election by giving written notice to the person who made the election (P).</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-31-2">
<num>2</num>
<content>
<p>The notice must state the buy-out value.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-31-3">
<num>3</num>
<content>
<p>A buy-out election is accepted when P receives notice that the scheme manager has accepted the election.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-32" period="#period1">
<num>32</num>
<heading>Determination of the buy-out value</heading>
<subparagraph eId="schedule-2-paragraph-32-1">
<num>1</num>
<content>
<p>The buy-out value is an amount determined by the scheme manager.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-32-2">
<num>2</num>
<intro>
<p>If an additional pension election or a faster accrual election is subsequently made in respect of a person (P), the scheme manager may—</p>
</intro>
<paragraph eId="schedule-2-paragraph-32-2-a">
<num>a</num>
<content>
<p>re-determine the buy-out value; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-32-2-b">
<num>b</num>
<content>
<p>send a written notice to P stating the re-determined buy-out value.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
</chapter>
<chapter eId="schedule-2-part-4-chapter-2" period="#period1">
<num>CHAPTER 2</num>
<heading>Payment of buy-out contributions</heading>
<paragraph eId="schedule-2-paragraph-33" period="#period1">
<num>33</num>
<heading>Determination of contributions payable</heading>
<subparagraph eId="schedule-2-paragraph-33-1">
<num>1</num>
<content>
<p>The scheme manager must determine the amount of the monthly payments to be paid in respect of a buy-out election.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-33-2">
<num>2</num>
<intro>
<p>The scheme manager—</p>
</intro>
<paragraph eId="schedule-2-paragraph-33-2-a">
<num>a</num>
<content>
<p>may determine the amount of the monthly payments by reference to the number of years stated in the buy-out election and the length of the contributions payment period; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-33-2-b">
<num>b</num>
<content>
<p>may exercise the functions under this paragraph so as to re-determine the amount of the monthly payments during the contributions payment period.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-33-3">
<num>3</num>
<content>
<p>Unless the scheme manager re-determines the amount, monthly payments following a gap in service not exceeding 5 years are the same as before the gap.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-34" period="#period1">
<num>34</num>
<heading>Payment of buy-out contributions</heading>
<subparagraph eId="schedule-2-paragraph-34-1">
<num>1</num>
<intro>
<p>A member (P) must—</p>
</intro>
<paragraph eId="schedule-2-paragraph-34-1-a">
<num>a</num>
<content>
<p>make the first monthly payment within 2 months after the end of the month in which a buy-out election is accepted; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-34-1-b">
<num>b</num>
<content>
<p>continue to make the monthly payments until the end of the contributions payment period.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-34-2">
<num>2</num>
<content>
<p>The final monthly payment is due in the month before the buy-out election has effect.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-34-3">
<num>3</num>
<content>
<p>If the scheme manager re-determines the amount of the monthly payment during the contributions payment period, P must pay the re-determined amount from the beginning of the next financial year.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-34-4">
<num>4</num>
<intro>
<p>P is taken to revoke a buy-out election if—</p>
</intro>
<paragraph eId="schedule-2-paragraph-34-4-a">
<num>a</num>
<content>
<p>a monthly payment is missed; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-34-4-b">
<num>b</num>
<content>
<p>the payment is not made within 3 months after P receives a written demand from the scheme manager.</p>
</content>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-35" period="#period1">
<num>35</num>
<heading>Monthly payments during gap in service</heading>
<subparagraph eId="schedule-2-paragraph-35-1">
<num>1</num>
<content>
<p>A member (P) who has a gap in service during the contributions payment period may choose to resume monthly payments on re-entering pensionable service.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-35-2">
<num>2</num>
<content>
<p>P is taken to revoke a buy-out election if P's gap in service exceeds 5 years.</p>
</content>
</subparagraph>
</paragraph>
</chapter>
<chapter eId="schedule-2-part-4-chapter-3" period="#period1">
<num>CHAPTER 3</num>
<heading>Revocation and refund</heading>
<paragraph eId="schedule-2-paragraph-36" period="#period1">
<num>36</num>
<heading>Revoking a buy-out election</heading>
<subparagraph eId="schedule-2-paragraph-36-1">
<num>1</num>
<content>
<p>A member (P) may revoke a buy-out election at any time before the end of the contributions payment period.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-36-2">
<num>2</num>
<intro>
<p>If P revokes a buy-out election or is taken to revoke a buy-out election—</p>
</intro>
<paragraph eId="schedule-2-paragraph-36-2-a">
<num>a</num>
<content>
<p>P's monthly payments cease to be payable on the date of revocation; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-36-2-b">
<num>b</num>
<content>
<p>when a retirement pension becomes payable to P, the standard reduction applies to such proportion of the maximum three year period referred to in regulation 73 as is determined by the scheme manager.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-36-3">
<num>3</num>
<intro>
<p>In determining the proportion, the scheme manager must take into account—</p>
</intro>
<paragraph eId="schedule-2-paragraph-36-3-a">
<num>a</num>
<content>
<p>the number of monthly payments made; and</p>
</content>
</paragraph>
<paragraph eId="schedule-2-paragraph-36-3-b">
<num>b</num>
<content>
<p>the number of years stated in the buy-out election.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-36-4">
<num>4</num>
<content>
<p>If P revokes the election or is taken to revoke a buy-out election, P may not make a subsequent buy-out election.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-36-5">
<num>5</num>
<content>
<p>A revocation must be by written notice to the scheme manager.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-36-6">
<num>6</num>
<content>
<p>A revocation has effect from the date it is received by the scheme manager (“date of revocation”).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-2-paragraph-37" period="#period1">
<num>37</num>
<heading>Member leaves all pensionable service before qualifying for retirement benefits</heading>
<subparagraph eId="schedule-2-paragraph-37-1">
<num>1</num>
<content>
<p>This paragraph applies if a member (P) leaves all pensionable service under this scheme before P is qualified for retirement benefits in respect of that service.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-2-paragraph-37-2">
<num>2</num>
<content>
<p>On an application by P for a repayment of the balance of contributions, any monthly payments made by P before the last day of pensionable service must be refunded to P.</p>
</content>
</subparagraph>
</paragraph>
</chapter>
</part>
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</hcontainer>
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