SCHEDULE 2 N.I. Scheme flexibilities

PART 4 N.I. Election to buy out the standard reduction

CHAPTER 2 N.I. Payment of buy-out contributions

Determination of contributions payable N.I.

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.