SCHEDULE 2Scheme flexibilities

PART 1General

Limit on elections

4.

(1)

The Department must not accept an additional pension election or a faster accrual election in relation to a member (P) at any time if—

(a)

the Department has accepted a buy-out election from P; and

(b)

the buy-out value at that time exceeds the overall amount of extra pension at that time.

(2)

The Department must not accept an additional pension election or a faster accrual election that would result in the amount of extra pension exceeding the overall amount of extra pension.