SCHEDULE 2Scheme flexibilities
PART 4Election to buy out the standard reduction
CHAPTER 2Payment of buy-out contributions
Determination of contributions payable
33.
(1)
The Department must determine the amount of the monthly payments to be paid in respect of a buy-out election.
(2)
The Department—
(a)
may determine the amount of the monthly payments by reference to the number of years stated in the buy-out election and the length of the contributions payment period; and
(b)
may exercise the functions under this paragraph so as to re-determine the amount of the monthly payments during the contributions payment period.
(3)
Unless the Department re-determines the amount, monthly payments following a gap in service not exceeding 5 years are the same as before the gap.