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SCHEDULES

SCHEDULE 1Payments for added pension

PART 2

CHAPTER 3Lump sum payments for added pension

Amount of added pension to be credited to added pension account

14.—(1) This paragraph applies if a member elects to pay a lump sum to increase the member’s retirement benefits and death benefits.

(2) Following payment of the lump sum by the member, an amount of added pension must be credited to the added pension account for the relevant scheme year.

(3) The amount credited to the added pension account is an amount determined by the scheme manager by reference to actuarial guidance.