PART 4Contributions
CHAPTER 3Buy-out: actuarial reduction
Eligibility to make buy-out election42
1
A member (M) who has a prospective normal pension age over 65 may elect to pay contributions to buy out the actuarial reduction (“buy-out election”) in accordance with this Chapter.
2
A buy-out election ceases to have effect when the earliest of the following occurs—
a
M reaches normal pension age;
b
a retirement pension other than a partial retirement pension becomes payable to M;
c
M revokes the election or is taken to revoke the election.
3
A buy-out election may only be made before the end of the period of 3 months after—
a
M enters pensionable service under this scheme; or
b
the beginning of a subsequent scheme year.
4
When making a buy-out election, M must—
a
be in pensionable service; and
b
not have reached normal pension age.
5
An election under this regulation may be made by M on only one occasion.