45.—(1) The scheme manager must not accept an election under regulation 42(1) from a member if—
(a)the member has made an election under regulation 54; and
(b)paragraph (2) applies.
(2) This paragraph applies if the value of the actuarial reduction bought out exceeds the greater of the first and second amounts in paragraph (3).
(3) In this paragraph—
(a)the first amount is B – A;
(b)the second amount is L – A,
where—
B is the maximum potential value (determined having regard to the advice of the scheme actuary and the limits in regulation 43(2)) at the date of the election under regulation 42 (in terms of annual pension) of the reduction for the period for which the buy-out has effect;
L is the overall limit for the purposes of regulation 60; and
A is the value (in terms of annual pension) of any additional pension purchased or being purchased by the member under this scheme.
(4) A reference to the value of an additional pension is, in the case of a member who has made more than one election under regulation 54, a reference to the aggregate value of all the additional pensions in respect of which the member has made an election.