Regulation 11 Post-60 buy-out electionI1

United Kingdom

(1)

This regulation applies in respect of extraordinary members who–

(a)

are active members of this scheme; and

(b)

retire on or after reaching the age of 60.

(2)

When this regulation applies, the employer must elect to buy out the early payment reduction to the members (P’s) pension under this scheme (“post-60 buy-out election”).

(3)

The employer must give written notice of any post-60 buy-out election to the scheme manager, and must specify–

(a)

if P is in more than one eligible employment, the name of the employer who is making the payment;

(b)

P’s name;

(c)

P’s date of birth;

(d)

P’s normal pension age;

(e)

the date on which P entered pensionable service;

(f)

P’s annual rate of pensionable earnings for that employment; and

(g)

the number of years in respect of which the standard reduction is to be bought out.

(4)

The scheme manager may ask P to provide further information.

(5)

The scheme manager must accept the post-60 buy-out election.

(6)

The scheme manager must determine the amount of the payment to be paid in respect of a post-60 buy-out election, and must notify the employer of the correct amount.

(7)

The employer must make the payment to the scheme manager before the end of the month after they have been notified of the correct amount by the scheme manager.

Annotations

Commencement

I1: Reg. 11 in force at 1.4.2016, see reg. 1(2)