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34.—(1) The scheme manager must determine the amount of the monthly payments to be paid in respect of a buy-out election.
(2) The scheme manager—
(a)may determine the amount of the monthly payments by reference to the number of years stated in the buy-out election and the length of the contributions payment period; and
(b)may exercise the functions under this paragraph so as to re-determine the amount of the monthly payments during the contributions payment period.
(3) Unless the scheme manager re-determines the amount, monthly payments following a gap in service not exceeding 5 years are the same as before the gap.
35.—(1) P must—
(a)make the first monthly payment within 2 months after the end of the month in which a buy-out election is accepted; and
(b)continue to make the monthly payments until the end of the contributions payment period.
(2) The final monthly payment is due in the month before the buy-out period has effect.
(3) If the scheme manager re-determines the amount of the monthly payment during the contributions payment period, P must pay the re-determined amount from the beginning of the next financial year.
(4) P is taken to revoke a buy-out election if—
(a)a monthly payment is missed; and
(b)the payment is not made within 3 months after P receives a written demand from the scheme manager.
36.—(1) A member (P) who has a gap in service during the contributions payment period may choose to resume monthly payments on re-entering pensionable service.
(2) P is taken to revoke a buy-out election if P’s gap in service exceeds 5 years.
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