49.—(1) A member (M) may revoke a buy-out election at any time before the end of the period mentioned in regulation 46(2)(a).
(2) The scheme manager may revoke M's buy-out election if M does not pay contributions for a period of 12 months.
(3) If a buy-out election is or is taken to have been revoked, M's monthly payments cease to be payable on the date of revocation.
(4) If, at the revocation date, the buy-out period during which the contributions were paid was less than 12 months—
(a)the contributions must be re-paid to M, and
(b)the buy-out election ceases to have effect.
(5) If, at the revocation date, the buy-out period during which the contributions were paid is 12 months or more—
(a)contributions paid during the scheme year in which the election is revoked must be repaid to M; and
(b)the buy-out period ends at the end of the previous scheme year.
(6) The revocation date is the date the buy-out election is, or is taken to have been, revoked.