37.—(1) A member (P) may revoke a buy-out election at any time before the end of the contributions payment period.
(2) If P revokes a buy-out election or is taken to revoke a buy-out election—
(a)P’s monthly payments cease to be payable on the date of revocation; and
(b)when a retirement pension becomes payable to P, the standard reduction applies to a proportion of the maximum as determined by the scheme manager.
(3) In determining the proportion, the scheme manager must take into account—
(a)the number of monthly payments made; and
(b)the number of years stated in the buy-out election.
(4) If P revokes the election or is taken to revoke a buy-out election, P may not make a subsequent buy-out election.
(5) A revocation must be by written notice to the scheme manager.
(6) A revocation has effect from the date it is received by the scheme manager (“date of revocation”).