SCHEDULE 1Payments for extra pension
PART 3Effective pension age payments
CHAPTER 1Exercising the effective pension age option
Cancellation of option29
1
A member may, by notice to the scheme manager, cancel an effective pension age option at any time during the periodical payment period.
2
If the member cancels the option, the periodical payments cease to be payable from the beginning of the next scheme year after the scheme manager receives notice of the cancellation.
3
If the member exercises an effective pension age option again within a period not exceeding 5 years, the periodical payments resume from the first pay period of the next scheme year beginning after the date on which the member exercises the option again.
4
The periodical payments resume under sub-paragraph (3) even if the member has reached the overall limit of extra pension for the scheme year in which the payments resume.