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SCHEDULE 1Payments for extra pension

PART 3Effective pension age payments

CHAPTER 1Exercising the effective pension age option

Value of an effective pension age option

30.—(1) The value of an effective pension age option at any time is a value determined by the scheme manager as at that time(1).

(2) A member who has exercised an effective pension age option—

(a)may at any time ask the scheme manager to provide a statement of the value of the effective pension age option; and

(b)must ask the scheme manager to provide a statement of the value of the effective pension age option before an added pension option may be exercised in relation to the member.

(1)

()Under paragraph 4(a) (limit on elections), a member may not exercise an added pension option if the value of an effective pension age option exceeds the overall limit of extra pension