Faster accrual electionE+W
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.