The Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999

Purchase of pensions

8.—(1) On or before the date of his retirement, the contributor shall specify in writing to the Parliamentary corporation the pension or pensions which are to be purchased on his behalf or on behalf of his dependants.

(2) The Parliamentary corporation shall purchase the pension or pensions specified under sub-paragraph (1) above from such insurer or friendly society as the Parliamentary corporation may determine from time to time or as the contributor may in writing specify, being either–

(a) a company which is a United Kingdom branch or office of an insurance company to which Part II of the Insurance Companies Act 1982 applies and which is authorised under section 3 or 4 of that Act to carry on ordinary long-term insurance business; or

(b) a friendly society authorised to carry on business under Part IV of the Friendly Societies Act 1992(1).

(3) Where a contributor elects for the purchase of pensions to be provided by such insurer or friendly society as he may specify under sub-paragraph (2) above, (not being an insurer or friendly society determined by the Parliamentary corporation), the making of that election shall have the effect of discharging any liability of the Parliamentary corporation to pay those pensions to or in respect of that contribution.

(1)

1992 c. 40.