SCHEDULE 2Scheme flexibilities
PART 4Election to buy out the standard reduction
CHAPTER 1Making a buy-out election
Determination of the buy-out value
32.
(1)
The buy-out value is an amount determined by the Department.
(2)
If an additional pension election or a faster accrual election is subsequently made in respect of a person (P), the Department may—
(a)
re-determine the buy-out value; and
(b)
send a written notice to P stating the re-determined buy-out value.