The Judicial Pensions Regulations (Northern Ireland) 2015

Option to buy out early payment reduction

74.—(1) This regulation applies if—

(a) a member of this scheme becomes entitled under Chapter 2 or 3 to the immediate payment of a full retirement pension or a partial retirement pension; and

(b) the member has not reached—

(i) normal pension age under this scheme; or

(ii) if applicable, the member’s effective pension age.

(2) The member may opt under this regulation to buy out the early payment reduction that would otherwise apply to the calculation of the annual rate of retirement pension.

(3) The cost must be met by way of a special payment to this scheme made by—

(a) the member;

(b) the member’s employer; or

(c) both the member and the employer.

(4) Any special payment by the employer must be made with the consent of the scheme manager.

(5) The cost of buying out the early payment reduction is an amount determined by the scheme manager after consulting the scheme actuary.