46.—(1) The scheme manager must, after consultation with the scheme actuary, determine the rate of the monthly payments to be paid in respect of a buy-out election.
(2) The scheme manager—
(a)may determine the rate of the monthly payments by reference to the length of the period between the date of the buy-out election and the date when the member will reach prospective normal pension age; and may exercise the functions under this paragraph so as to re-determine the amount of the monthly payments during that 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 scheme manager re-determines the amount, monthly payments following a gap in service not exceeding 5 years are the same as before the gap.