Paragraph 6 Reduction in added years being purchased
In the case of a participant who is purchasing added years by paying periodical contributions, the Managers shall calculate, in accordance with paragraph 8(5) of Schedule 7 to the principal Order, the maximum added years he may purchase by way of future contributions.
For the purposes of the calculation under sub-paragraph (1), the Managers shall—
take as his accrued aggregate period of reckonable service the period calculated under paragraph 3; and
disregard his future added years.
If the number of future added years which the participant has contracted to purchase by paying periodical contributions exceeds the maximum calculated under sub-paragraph (1), the number of future added years which he has contracted to purchase shall be reduced to that maximum.
Subject to sub-paragraph (5), if a reduction in a participant’s future added years is made under sub-paragraph (3), the annual amount of any periodical contributions which (apart from the provisions of this paragraph) would be payable by him on or after the appointed date shall be reduced by the proportion (up to and including 100%) which the amount of the reduction bears to the number of future added years referred to in sub-paragraph (3).
If the future added years referred to in paragraph (3) are being purchased by the participant under more than one application, a reduction under paragraph (3) shall be effected taking those applications in such order as the Managers shall consider appropriate, having regard to any preferences expressed to them in writing by the participant.
In this paragraph, “future added year” means, as at the appointed date, and after taking into account any relevant adjustment under article 6(2)(a) and (b) of the principal Order, an added year in respect of which the participant’s application to purchase has been accepted by the Managers but which is not included in his accrued aggregate period of reckonable service.