CHAPTER 1Making the election
Faster accrual election
22.—(1) A member (P) may elect, in relation to pensionable service in an eligible employment, to pay contributions to accrue earned pension at a faster accrual rate in a financial year (“faster accrual election”).
(2) A faster accrual election must state the faster accrual rate which is to apply to P’s pensionable earnings in that employment for that financial year.
(3) A faster accrual election—
(a)must be made—
(i)in the financial year before the financial year to which it relates; or
(ii)if P is a new joiner, within one month after P enters pensionable service in relation to an employment;
(b)has effect from—
(i)the start of the financial year to which it relates; or
(ii)if P is a new joiner, one month after the election is received by the scheme manager; and
(c)ceases to have effect at the end of the financial year to which it relates unless it is revoked before then.
(4) When making a faster accrual election, P must be—
(a)in pensionable service; and
(b)under normal pension age.
Making a faster accrual election
23.—(1) A faster accrual election must be made by written notice to the scheme manager.
(2) The notice of election must specify—
(a)if the member (P) is in more than one eligible employment, the name of the employer who is to deduct the contributions;
(b)P’s name;
(c)P’s date of birth;
(d)P’s annual rate of pensionable earnings.
(3) The scheme manager may request further information to be provided.
Accepting a faster accrual election
24. The scheme manager may accept a faster accrual election by giving written notice to—
(a)the member (P); and
(b)P’s employer.
(2) For the purpose of these Regulations, a faster accrual election is accepted when P receives notice from the scheme manager.