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Paragraph 8 Added pension option exercisable by employer or third party

Original text. Later amendments are not shown.

(1)

A third party or the employer of an active member of this scheme may, if the scheme manager approves, opt to make a lump sum payment for added pension to increase—

(a)

the member’s retirement benefits for a period of service; or

(b)

both the member’s retirement benefits and death benefits payable in respect of the member for a period of service.

(2)

The employer or third party may exercise an added pension option by notice to the scheme manager in a form required by the scheme manager.

(3)

The employer or third party may exercise an added pension option more than once but only once in any scheme year.