Paragraph 5 Member’s option to make additional lump sum contribution for added pensionF1

(1)

This paragraph applies where a remedy member (“M”) is an active member of this scheme who, before 31st March 2025—

(a)

is entitled to receive a compensatable amount under paragraph 4, and

(b)

has exercised an option to purchase added pension under Chapter 1 of Part 7 in a relevant scheme year.

(2)

M may opt to make a second lump sum contribution under regulation 92 to increase—

(a)

the benefits payable to the member under Part 5 (retirement benefits) of this scheme;

(b)

the benefits payable under Part 5 and Part 6 (death benefits).

(3)

Where M exercises an option under this paragraph, the restrictions in regulations 91(9) and 92(4) are disregarded.

(4)

The option under this paragraph may not be exercised after 31st March 2025.

(5)

In this paragraph, a relevant scheme year is—

(a)

the scheme year beginning with 1st April 2023;

(b)

the scheme year beginning with 1st April 2024.

Annotations

F1: Sch. inserted (1.10.2023) by The Armed Forces Pensions (Remediable Service) Regulations 2023 (S.I. 2023/998), reg. 1(b), Sch. 7