SCHEDULE 3Payments for added pension
PART 2Exercising the added pension option
Added pension option exercisable by member5
1
An active member of this scheme may opt to make payments for added pension to increase—
a
the member's retirement benefits M1 for a period of service; or
b
the member's retirement benefits and death benefits payable in respect of the member for a period of service.
2
A member may exercise the added pension option by written notice to the scheme manager in a form required by the scheme manager (“the option notice”).
3
The option notice must state whether the payments for added pension are to be made by—
a
periodical payments; or
b
a lump sum payment.
4
A member may exercise the added pension option more than once but an option to make a lump sum payment for added pension may only be exercised once in any scheme year.
C15
An option to make a lump sum payment for added pension may only be exercised if the member—
a
has been an active member of this scheme in relation to a continuous period of pensionable service for at least 12 months; and
b
has been provided with a statement of the amount of added pension (if paragraph 16 applies).