SCHEDULES
SCHEDULE 2 Transfer of accrued benefits
Part II Transfers out
Time within which option must be exercised
8
(1)
A qualifying member may only exercise his option on or before the last option date.
(2)
The last option date is—
(a)
the date which falls one year before the date on which the qualifying member reaches normal pension age, or
(b)
the end of the period of six months beginning with the date on which his qualifying service ends,
whichever is the later.
(3)
A qualifying member loses the right to any cash equivalent under this Schedule if—
(a)
his pension becomes payable before he reaches normal pension age; or
(b)
he fails to exercise his option on or before the last option date.