SCHEDULE 2Scheme flexibilities

PART 2Additional pension election

CHAPTER 4Additional pension contributions by monthly payments

Payment of contributions15

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.