Limit on elections
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4.—(1) The scheme manager must not accept an additional pension election or a faster accrual election in relation to a member (P) at any time if—
(a)the scheme manager has accepted a buy-out election from P; and
(b)the buy-out value at that time exceeds the overall amount of extra pension at that time.
(2) The scheme manager must not accept an additional pension election or a faster accrual election that would result in the amount of extra pension exceeding the overall amount of extra pension.