Eligibility to make buy-out electionE+W
43.—(1) A member (M) who has a prospective normal pension age over 65 may elect to pay contributions to buy out the actuarial reduction (“buy-out election”) in accordance with this Chapter.
(2) A buy-out election ceases to have effect when the earliest of the following occurs—
(a)M reaches normal pension age;
(b)a retirement pension other than a partial retirement pension becomes payable to M;
(c)M revokes the election or is taken to revoke the election.
(3) A buy-out election may only be made before the end of the period of 3 months after—
(a)M enters pensionable service under this scheme; or
(b)the beginning of a subsequent scheme year.
(4) When making a buy-out election, M must—
(a)be in pensionable service; and
(b)not have reached normal pension age.
(5) An election under this regulation may be made by M on only one occasion.