36.—(1) A member (P) may revoke a buy-out election at any time before the end of the contributions payment period.
(2) If P revokes a buy-out election or is taken to revoke a buy-out election—
(a)P's monthly payments cease to be payable on the date of revocation; and
(b)when a retirement pension becomes payable to P, the standard reduction applies to such proportion of the maximum three year period referred to in regulation 73 as is determined by the scheme manager.
(3) In determining the proportion, the scheme manager must take into account—
(a)the number of monthly payments made; and
(b)the number of years stated in the buy-out election.
(4) If P revokes the election or is taken to revoke a buy-out election, P may not make a subsequent buy-out election.
(5) A revocation must be by written notice to the scheme manager.
(6) A revocation has effect from the date it is received by the scheme manager (“date of revocation”).
37.—(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.