SCHEDULE 2Scheme flexibilities
PART 4Election to buy out the standard reduction
CHAPTER 2Making a buy-out election
Making a buy-out election32
1
A buy-out election made by a member (P) must state the number of years in respect of which the standard reduction is to be bought out.
2
A buy-out election must be made by written notice to the scheme manager.
3
The notice of election must specify—
a
if P is in more than one eligible employment, the name of the employer who is to deduct the contributions;
b
P’s name;
c
P’s date of birth;
d
P’s normal pension age;
e
the date on which P entered pensionable service;
f
P’s annual rate of pensionable earnings.
4
The scheme manager may ask P to provide further information.