The Teachers’ Pension Scheme Regulations (Northern Ireland) 2014

CHAPTER 1 Making the election

Faster accrual election

22.—(1) This paragraph applies to a person (P) who—

(a) is in pensionable service under this scheme in relation to an employment; and

(b) has not reached normal pension age under this scheme.

(2) P may elect, in relation to an employment, to pay contributions to accrue earned pension at a faster accrual rate in a financial year (“faster accrual election”).

(3) A faster accrual election must state the faster accrual rate which is to apply to P’s pensionable earnings in that employment for that financial year.

(4) A faster accrual election must be made—

(a) if P was not in pensionable service in relation to that employment in that financial year, within one month after P enters pensionable service in relation to that employment; or

(b) otherwise, in the financial year before the financial year to which it relates.

(5) A faster accrual election has effect as follows—

(a) if sub-paragraph (4)(a) applies, from one month after the election is received by the Department; or

(b) otherwise, from the start of the financial year to which it relates.

(6) A faster accrual election ceases to have effect at the end of the financial year to which it relates unless it is revoked before then.

Making a faster accrual election

23.—(1) A faster accrual election must be made by written notice to the Department.

(2) The notice of election must specify—

(a) if the member (P) is in more than one eligible employment, the name of the employer who is to deduct the contributions;

(b) P’s name;

(c) P’s date of birth;

(d) P’s annual amount of pensionable earnings for that employment in the financial year to which the faster accrual election relates.

(3) The Department may request further information to be provided.

Accepting a faster accrual election

24.—(1) The Department may accept a faster accrual election by giving written notice to—

(a) the member (P); and

(b) P’s employer.

(2) For the purpose of these Regulations, a faster accrual election is accepted when P receives notice from the Department.