SCHEDULE 1Payments for extra pension
PART 2Payments for added pension
CHAPTER 1Exercising the added pension option
Added pension option exercisable by employer or third party
8.
(1)
A third party or the employer of an active member of this scheme may, if the scheme manager approves, opt to make a lump sum payment for added pension to increase—
(a)
the member’s retirement benefits for a period of service; or
(b)
both the member’s retirement benefits and death benefits payable in respect of the member for a period of service.
(2)
The employer or third party may exercise an added pension option by notice to the scheme manager in a form required by the scheme manager (“the option notice”).
(3)
The employer or third party may exercise an added pension option more than once but only once in any scheme year.
(4)
If an active member opts for the whole or part of any lump sum payable to the member under a compensation scheme to be used to make a lump sum payment for added pension, the member’s employer may opt to make a lump sum payment under this regulation.