Regulation 92 Member’s option to pay lump sum contributions to purchase pensionI1

An active member may opt to make a single lump sum contribution to increase—

A member may not make a contribution under this regulation of less than such amount as the scheme manager may for the time being determine.

The option must be exercised by notice in writing to the scheme administrator in such form and subject to such conditions as the scheme manager requires.

A member may exercise the option under paragraph (1) more than once, but it may only be exercised once in any scheme year. This is subject to regulation 91(9).

If a member exercises an option under paragraph (1), the contribution is payable immediately by the member to the scheme administrator by deduction from the member’s earnings or otherwise.

If a member exercises an option under paragraph (1)(a), the amount that the member is entitled to count as member’s added pension for the relevant scheme year is such amount as is indicated as appropriate for the amount of the contribution in tables issued by the scheme manager, after consultation with the scheme actuary.

If a member exercises an option under paragraph (1)(b) or to pay a lump sum under regulation 94(c) (periodical contributions: special cases), the amount that the member is entitled to count as added pension (member and dependants) for the relevant scheme year is such amount as is indicated as appropriate for the amount of the contribution in tables issued by the scheme manager, after consultation with the scheme actuary. This is subject to paragraph (8).

The total pension amounts included in the member’s pension account under regulation 29 (establishment of an active member’s account) as a result of contributions made under this regulation taken together with—

In this regulation—

• “the relevant day” means the day on which the payment is received by the scheme administrator; and

• “the relevant scheme year” means the scheme year in which the relevant day falls.