PART 7Retirement benefits
CHAPTER 6Payment options
Option to buy out early payment reduction120
1
This regulation applies if a member of this scheme claims payment of a full retirement pension under Chapter 2 (full retirement benefits) and—
a
if the member is an active member, the member has not reached normal pension age under this scheme; or
b
if the member is a deferred member, the member has not reached the member’s state pension age.
2
The member may opt under this regulation to buy out the early payment reduction that would otherwise apply to the calculation of the annual rate of full retirement pension.
3
The cost must be met by way of a special payment to this scheme made by the member.
4
The cost of buying out the early payment reduction is an amount determined by the scheme manager in accordance with actuarial guidance.
5
Any special payment made by a member must be made in accordance with the requirements of the scheme manager.