SCHEDULE 2Scheme flexibilities

PART 4Election to buy out the standard reduction

CHAPTER 4Revocation and refund

Revoking a buy-out election37

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”).

Member leaves all pensionable service before qualifying for retirement benefits38

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.