SCHEDULE 2Scheme flexibilities

PART 2Additional pension election

CHAPTER 4Additional pension contributions by monthly payments

Payment of contributions

15.

(1)

P must—

(a)

make the first monthly payment on or before the start date; and

(b)

continue to make the monthly payments until the date on which the final monthly payment is due.

(2)

The contributions payment period must end before P reaches normal pension age.

(3)

If the scheme manager re-determines the amount of the monthly payment during the contributions payment period, P must pay the re-determined amount from the beginning of the next financial year.

(4)

P is taken to revoke an additional pension election if—

(a)

a monthly payment is missed; and

(b)

the payment is not made within 3 months after P receives a written demand from the scheme manager.