PART 4Contributions
CHAPTER 3Buy-out: actuarial reduction
Accepting a buy-out election44
1
The scheme manager may accept a buy-out election by giving written notice to the person who made the election (M).
2
The notice must state—
a
the rate of the monthly payments determined under regulation 46; and
b
the date on which M reaches prospective normal pension age.
3
A buy-out election takes effect when M receives notice that the scheme manager has accepted the election.
4
The buy-out period is the number of scheme years starting with (and including) the scheme year in which the buy-out election takes effect and ending with (and including) the scheme year in which the earliest of the following occurs—
a
M revokes or is taken to have revoked the election;
b
M ceases to be a member of the scheme;
c
M reaches normal pension age.
5
The buy-out period does not include a scheme year in which payment of buy-out contributions is suspended by virtue of regulation 48.