- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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The Teachers’ Pension Scheme (Scotland) (No. 2) Regulations 2014
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CHAPTER 1General
When the standard reduction applies
29.—(1) The standard reduction applies in respect of a member (P) to a maximum of 3 years from age 65 to P’s normal pension age (“the maximum”).
(2) If a retirement pension becomes payable to P on or after P reaches 65, the standard reduction applies to a proportion of the time left until P reaches normal pension age, as determined by the scheme manager.
Determination of the buy-out value
30.—(1) The buy-out value is an amount determined by the scheme manager.
(2) If an additional pension election or a faster accrual election is subsequently made in respect of a person (P), the scheme manager may—
(a)re-determine the buy-out value; and
(b)send a written notice to P stating the re-determined buy-out value.
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