SCHEDULE 2 Scheme flexibilities

PART 2 Additional pension election

CHAPTER 4 Additional pension contributions by monthly payments

15 Payment of contributions
(1) P must—
(a) make the first monthly payment within 2 months after the end of the month in which the additional pension election is accepted; and
(b) continue to make the monthly payments until the end of the contributions payment period.
(2) The final monthly payment must be made before P reaches normal pension age.
(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 an additional pension 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.