Payment of buy-out contributions
This section has no associated Policy Notes
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.