SCHEDULE 1Payments for extra pension

PART 1General

InterpretationI11

In this Schedule—

  • “added pension option” means the option to make added pension payments;

  • “amount of accrued added pension” means the total of—

    1. a

      the amount of accrued added (self only) pension (if any); and

    2. b

      the amount of accrued added (all beneficiaries) pension (if any);

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

  • “appropriate pay period” means the pay period that the scheme manager considers appropriate;

  • “effective pension age option” means the option to make effective pension age payments;

  • “effective pension age payments” means periodical payments for an effective pension age made to this scheme;

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  • “overall limit of extra pension” has the meaning given in paragraph 3;

  • “periodical payment period” means the period for which periodical payments for added pension or an effective pension age are payable;

  • “period of service”, in relation to this scheme, means a continuous period of pensionable service under this scheme;

  • “the relevant day”, in relation to a lump sum payment for added pension, means—

    1. a

      if the scheme manager provides a statement of the amount of added pension, the first day after the period of one month beginning with the date of the statement; or

    2. b

      otherwise, the day on which the lump sum payment is received by the scheme manager;

  • “the relevant scheme year” means the scheme year in which the relevant day falls;

  • “statement of the amount of added pension” means the statement referred to in paragraph 18;

  • “third party” means a third party approved by the scheme manager to make payments for extra pension in respect of an active member of this scheme; and

  • “value”, in relation to an effective pension age option, means a value determined by the scheme manager under Part 3 or 4 of this Schedule.