Regulation 80 Making an allocation election

(1)

If requested by a member (P), the scheme manager must advise P of the last day on which P may make an allocation election.

(2)

An allocation election may only be made—

(a)

by notice to the scheme manager in a form required by the scheme manager; and

(b)

before the election closing date.

(3)

An allocation election must—

(a)

specify the amount of retirement pension to be allocated;

(b)

name the beneficiary;

(c)

be accompanied by a declaration in a form required by the scheme manager stating that—

(i)

P is in good health; and

(ii)

the beneficiary is a person who meets the conditions set out in regulation 78(3); and

(d)

be accompanied by a medical certificate giving the opinion that P is in good health.

(4)

Before the election closing date, the member may, by notice to the scheme manager in a form required by the scheme manager—

(a)

revoke the election; or

(b)

amend the election by altering the amount of retirement pension to be allocated.

(5)

Subject to paragraph (6) or (7), the election takes effect on the election closing date.

(6)

An allocation election has no effect unless the scheme manager is satisfied that when P made the election the matters stated in the declaration were true.

(7)

An allocation election has no effect if P or the beneficiary dies before the election closing date.

(8)

In this regulation, “election closing date” means the earlier of—

(a)

the date advised by the scheme manager under paragraph (1); or

(b)

the day before the pension becomes payable.