The Teachers’ Pension Scheme (Scotland) Regulations 2014 No. 217

SCHEDULE 2 Scheme flexibilities

PART 4 Election to buy out the standard reduction

CHAPTER 1 General

When the standard reduction applies

29.—(1) The standard reduction applies in respect of a member (P) to a maximum of 3 years from age 65 to P’s normal pension age (“the maximum”).

(2) If a retirement pension becomes payable to P on or after P reaches 65, the standard reduction applies to a proportion of the time left until P reaches normal pension age, as determined by the scheme manager.

Determination of the buy-out value

30.—(1) The buy-out value is an amount determined by the scheme manager.

(2) If an additional pension election or a faster accrual election is subsequently made in respect of a person (P), the scheme manager may—

(a) re-determine the buy-out value; and

(b) send a written notice to P stating the re-determined buy-out value.