SCHEDULE 2Scheme flexibilities
PART 3Faster accrual election
CHAPTER 3Revocation and refund
Revoking a faster accrual election
27.
(1)
A member (P) may revoke a faster accrual election at any time before the end of the contributions payment period.
(2)
A revocation must be by written notice to the scheme manager.
(3)
A revocation has effect from the date it is received by the scheme manager (“date of revocation”).
(4)
P is taken to revoke a faster accrual election if P leaves pensionable service in the employment to which the election relates before the end of the contributions payment period.
(5)
If P revokes or is taken to revoke a faster accrual election and P is not entitled to be repaid the balance of contributions under regulation 189—
(a)
P's monthly payments cease to be payable on the date of revocation; and
(b)
P's active member's account (or if P has left all pensionable service, P's deferred member's account or pensioner member's account) must be credited with an amount determined by the scheme manager.
(6)
If P revokes or is taken to revoke a faster accrual election and P is entitled to be repaid the balance of contributions under regulation 189—
(a)
P's monthly payments cease to be payable on the date of revocation; and
(b)
P's rights under this scheme are extinguished.
Member leaves all pensionable service before qualifying for retirement benefits
28.
(1)
This paragraph applies if a member (P) leaves all pensionable service under this scheme before P is qualified for retirement benefits in respect of that service.
(2)
On an application by P for a repayment of the balance of contributions, any monthly payments made by P before the last day of pensionable service must be refunded to P.