1. this Schedule—
“additional pension contributions” means contributions for an additional pension;
“additional pension election” means an election under Part 2 of this Schedule;
“amount of accrued extra earned pension” means the amount of accrued earned pension attributable to a faster accrual election;
“amount of extra pension” has the meaning given in paragraph 2;
“buy-out contributions” means contributions to buy out the standard reduction;
“buy-out election” means an election under Part 4 of this Schedule;
“buy-out value” means an amount determined or re-determined by the scheme manager in accordance with Part 4 of this Schedule;
“contributions” means—
additional pension contributions;
faster accrual contributions; or
buy-out contributions;
“contributions payment period”, for contributions paid monthly, means the period beginning on the start date and ending with the date on which the final monthly payment is due;
“election” means—
an additional pension election;
a faster accrual election; or
a buy-out election;
“faster accrual contributions” means contributions for a faster accrual rate;
“faster accrual election” means an election under Part 3 of this Schedule;
“faster accrual rate”, in relation to P’s pensionable earnings, means 1/45th, 1/50th or 1/55th;
“maximum” has the meaning given in Chapter 1 of Part 4 of this Schedule;
“monthly payments”, in respect of an election, means contributions paid monthly;
“overall amount” means the overall amount of extra pension as defined in paragraph 3;
“refund period”, in relation to additional pension contributions, means the period ending one year after the start date;
“start date”—
for contributions paid by lump sum, means the date on which the scheme manager receives the lump sum; and
for monthly payments, means the first day of the second month after the month in which the election is accepted.