Eligible to make buy-out electionN.I.
29.—(1) A member (P) who has a normal pension age over 65 may elect to pay contributions to buy out the standard reduction (“buy-out election”) for a period of up to 3 years.
(2) A buy-out election has effect from the day on which the Department accepts the election.
(3) A buy-out election ceases to have effect when the earliest of the following occurs—
(a)P reaches normal pension age;
(b)a retirement pension other than a phased retirement pension becomes payable to P;
(c)P revokes the election or is taken to revoke the election.
(4) A buy-out election may only be made within 6 months after P enters pensionable service under this scheme.
(5) When making a buy-out election, P must be—
(a)in pensionable service; and
(b)under normal pension age.
(6) P may by written notice to the Department vary a buy-out election if P's normal pension age changes before a retirement pension becomes payable to P.
Modifications etc. (not altering text)