The Teachers’ Pension Scheme (Scotland) (No. 2) Regulations 2014 No. 292

SCHEDULE 2 Scheme flexibilities

PART 4 Election to buy out the standard reduction

CHAPTER 1 General

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.