Regulation 79 Time within which option must be exercised
(1)
P may only exercise the option on or before the last option date.
(2)
The last option date is the later of—
(a)
the date which falls one year before the date on which P reaches normal pension age;
(b)
the last day of the period of 6 months beginning with the day after P’s last day of reckonable service.
(3)
P loses the right to any cash equivalent under this Chapter if—
(a)
P’s pension under these Regulations becomes payable before P reaches normal pension age; or
(b)
P fails to exercise the option on or before the last option date.