Election for pension in lieu of retirement grant
58.—(1) Where a member has attained the age of 50 and has become entitled to the immediate payment of a pension under Part II, he may make an election under this regulation for the whole or part of the retirement grant or, in the case where the entitlement to pension is under regulation 27, of the ill-health grant to be used instead by the Scheme to provide pension for him.
(2) The election must be made by notice in writing to the appropriate administering authority given not more than three months before the date on which the member becomes so entitled.
(3) The election must specify the amount of the grant which the member wishes to be used for the provision of pension (expressed in round hundreds of pounds).
(4) Where a member makes such an election, he becomes entitled to such additional pension as is shown as appropriate in guidance issued by the Government Actuary.
(5) The additional pension is payable immediately.
(6) Where a member makes such an election, for these Regulations the amount of his pension includes the amount of any additional pension payable under this regulation.
(7) No person who has elected under regulation 59 may also elect under this regulation.