SCHEDULE 2 Scheme flexibilities

PART 4 Election to buy out the standard reduction

CHAPTER 4 Revocation and refund

37 Revoking a buy-out election
(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”).

38 Member leaves all pensionable service before qualifying for retirement benefits
(1) This paragraph applies if a member (P) leaves all pensionable service under this scheme before qualifying for retirement benefits in respect of that service.
(2) If this paragraph applies, any monthly payments made before the last day of pensionable service must be refunded to P.