Paragraph 10 Member’s option to make periodical payments for added pensionI1

United Kingdom

(1)

An option notice must specify—

(a)

the periodical payment period; and

(b)

the amount of the periodical payment to be deducted by the member’s employer from the member’s pensionable earnings in each pay period.

(2)

The amount of the periodical payment may be expressed as—

(a)

a percentage of the member’s pensionable earnings; or

(b)

a fixed sum.

(3)

The amount of the periodical payment must not be less than any minimum amount determined by the scheme manager.

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