PART 4Contributions
CHAPTER 3Buy-out: actuarial reduction
Revoking a buy-out election50.
(1)
A member (M) may revoke a buy-out election at any time before the end of the period mentioned in regulation 47(2)(a).
(2)
The scheme manager may revoke M’s buy-out election if M does not pay contributions for a period of 12 months.
(3)
If a buy-out election is or is taken to have been revoked, M’s monthly payments cease to be payable on the date of revocation.
(4)
If, at the revocation date, the buy-out period during which the contributions were paid was less than 12 months—
(a)
the contributions must be re-paid to M; and
(b)
the buy-out election ceases to have effect.
(5)
If, at the revocation date, the buy-out period during which the contributions were paid is 12 months or more—
(a)
contributions paid during the scheme year in which the election is revoked must be repaid to M; and
(b)
the buy-out period ends at the end of the previous scheme year.
(6)
The revocation date is the date the buy-out election is, or is taken to have been, revoked.