SCHEDULE 1Payments for extra pension
PART 2Payments for added pension
CHAPTER 3Lump sum payments for added pension made by member
Member’s option to make a lump sum payment for added pension
16.
(1)
The option notice must specify the amount of the lump sum which must not be less than any minimum amount determined by the scheme manager.
(2)
The lump sum is payable immediately to the scheme manager by deduction by the member’s employer from the member’s pensionable earnings or otherwise.