Faster accrual election
22.—(1) A member (P) may elect, in relation to pensionable service in an eligible employment, to pay contributions to accrue earned pension at a faster accrual rate in a financial year (“faster accrual election”).
(2) 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.
(3) A faster accrual election—
(a)must be made—
(i)in the financial year before the financial year to which it relates; or
(ii)if P is a new joiner, within one month after P enters pensionable service in relation to an employment;
(b)has effect from—
(i)the start of the financial year to which it relates; or
(ii)if P is a new joiner, one month after the election is received by the scheme manager; and
(c)ceases to have effect at the end of the financial year to which it relates unless it is revoked before then.
(4) When making a faster accrual election, P must be—
(a)in pensionable service; and
(b)under normal pension age.