SCHEDULE 2E+WScheme flexibilities

PART 4 E+WElection to buy out the standard reduction

CHAPTER 1E+WMaking a buy-out election

Eligible to make buy-out electionE+W

29.—(1) A member (P) who has a normal pension age over 65 may elect to pay contributions to buy out the standard reduction (“buy-out election”) for a period of up to 3 years [F1insofar as this relates to P’s—

(a)standard earned pension; and

(b)faster accrual earned pension (if any)].

(2) A buy-out election has effect from the day on which the scheme manager accepts the election.

(3) A buy-out election ceases to have effect when the earliest of the following occurs—

(a)P reaches normal pension age;

(b)a retirement pension other than a phased retirement pension becomes payable to P;

(c)P revokes the election or is taken to revoke the election.

(4) A buy-out election may only be made within 6 months after P enters pensionable service under this scheme.

(5) When making a buy-out election, P must be—

(a)in pensionable service; and

(b)under normal pension age.

(6) P may by written notice to the scheme manager vary a buy-out election if P's normal pension age changes before a retirement pension becomes payable to P.

Textual Amendments