Member’s option to pay lump sum contribution to purchase additional pension
3.C.8.—(1) An active member may opt to make a single lump sum contribution—
(a)to increase by a specified amount the benefits payable to the member under Chapter 3.D (members’ retirement benefits) (including if a member dies after a pension becomes payable, the benefits paid to a surviving partner and dependent children at the same rate as the member’s pension for three or 6 months under Chapter 3.E (death benefits)); or
(b)to increase by a specified amount those benefits and to increase the benefits otherwise payable in respect of surviving partners and dependent children under Chapter 3.E (death benefits) in respect of the member.
(2) A member may only make a contribution under this regulation of an amount that is—
(a)not less than the minimum amount; and
(b)in the case of an amount exceeding the minimum amount, a multiple of the minimum amount.
(3) In paragraph (2) “the minimum amount” means the amount that is, in accordance with tables prepared for the Scottish Ministers by the scheme actuary, the amount of the single contribution required at the time that the option is exercised to secure an increase in the member’s pension of—
(a)£250; or
(b)such other amount as the Scottish Ministers may for the time being determine.
(4) A member may exercise the option under paragraph (1) more than once.
(5) If a member exercises an option under paragraph (1)—
(a)the additional contribution is payable by the member to the employing authority—
(i)by deduction from the member’s earnings or otherwise; and
(ii)before the end of the period of one month beginning with the day on which the member is notified by the Scottish Ministers that the option is accepted; and
(b)the employing authority must pay it to the Scottish Ministers not later than the 19th day of the month following the month in which the earnings were paid or, as the case may be, the authority received payment of the contribution.
(6) The total increase in the member’s pension as a result of contributions made under this regulation, taken together with any increase as a result of—
(a)contributions made under regulation 3.C.6 (member’s option to pay additional periodical contributions to purchase additional pension); or
(b)contributions made under regulation 3.C.9 (payment of additional lump sum contributions by employing authority),
may not exceed £5000 or such other amount as the Scottish Ministers may for the time being determine taking into account any increase in the member’s pension as a result of the exercise of an option in accordance with regulations 2.C.8 to 2.C.17 (additional contributions).
(7) In the case of a 2008 Section Optant, this regulation is subject to regulation 3.K.4.