1. this Schedule—
“additional pension contributions” means contributions for an additional pension;
“additional pension election” means an election under Part 2 of this Schedule;
“amount of accrued extra earned pension” means the amount of accrued earned pension attributable to a faster accrual election;
“amount of extra pension” has the meaning given in paragraph 2;
“buy-out contributions” means contributions to buy out the standard reduction;
“buy-out election” means an election under Part 4 of this Schedule;
“buy-out value” means an amount determined or re-determined by the scheme manager in accordance with Part 4 of this Schedule;
“contributions” means—
additional pension contributions;
faster accrual contributions; or
buy-out contributions;
“contributions payment period”, for contributions paid monthly, means the period beginning on the start date and ending with the date on which the final monthly payment is due;
“election” means—
an additional pension election;
a faster accrual election; or
a buy-out election;
“faster accrual contributions” means contributions for a faster accrual rate;
“faster accrual election” means an election under Part 3 of this Schedule;
“faster accrual rate”, in relation to P’s pensionable earnings, means 1/45th, 1/50th or 1/55th;
“maximum” has the meaning given in Chapter 1 of Part 4 of this Schedule;
“monthly payments”, in respect of an election, means contributions paid monthly;
“overall amount” means the overall amount of extra pension as defined in paragraph 3;
“refund period”, in relation to additional pension contributions, means the period ending one year after the start date;
“start date”—
for contributions paid by lump sum, means the date on which the scheme manager receives the lump sum; and
for monthly payments, means the first day of the second month after the month in which the election is accepted.
2. The amount of extra pension for a person (P) at any given time is the sum of the following—
(a)the amount of accrued extra earned pension (if any) at that time;
(b)the amount of accrued additional pension (if any) at that time;
(c)the buy-out value at that time, if P has elected to buy out the standard reduction.
3.—(1) The overall amount of extra pension is—
(a)£6,500 for any financial year ending before 1st April 2016; and
(b)for any financial year beginning on or after that date—
(i)an amount determined by the Treasury for that financial year; or
(ii)if the Treasury has not determined an amount for that financial year, the amount calculated under sub-paragraph (2).
(2) If the Treasury has not determined an amount under sub-paragraph (1)(b)(i) for any financial year, the overall amount for that financial year is the amount to which the annual rate of a pension of an amount equal to the overall amount for the previous financial year would have been increased under PIA 1971 if—
(a)that pension were eligible to be so increased; and
(b)the beginning date for that pension were the first day of the previous financial year.
4.—(1) The scheme manager must not accept an additional pension election or a faster accrual election in relation to a member (P) at any time if—
(a)the scheme manager has accepted a buy-out election from P; and
(b)the buy-out value at that time exceeds the overall amount of extra pension at that time.
(2) The scheme manager must not accept an additional pension election or a faster accrual election that would result in the amount of extra pension exceeding the overall amount of extra pension.
5. The scheme manager must take advice from the scheme actuary before determining any amount under this Part.