Special provisions about rights relating to old membership
Temporary right to pay off liabilities under regulation 13 by capital payment14
1
A member to whom regulation 12 applies by virtue of regulation 13(1), may make an election to make a capital payment in full satisfaction of his liabilities in respect of any period for which he remains liable to make any payment by virtue of regulation 13(1).
2
Such an election may only be made by notice in writing to the Committee before the end of the period of six months beginning with the commencement date.
3
When the Committee receives such an election it must notify the member of the amount of the capital payment required.
4
But if that capital payment, when aggregated with the member’s total contributions (as mentioned in regulation 15(2) of the 2002 Regulations) payable in the tax year in which he makes the election, would exceed the maximum amount so payable by him, such an election is ineffective.
5
Where following a payment under such an election any body’s liabilities in respect of the member under regulation L6 of the 2000 Regulations continue by virtue of regulation 17(3), then, despite that regulation, he is entitled to count a period of membership of the same length as if all payments to be made in respect of that period under regulation L6 of the 2000 Regulations had been made.