Paragraph 7 Added pension option exercisable by memberI1

United Kingdom

(1)

An active member of this scheme may opt to make added pension payments 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)

A member may exercise the added pension option by notice to the scheme manager in a form required by the scheme manager.

(3)

The option notice must state whether the added pension payments are to be made by—

(a)

periodical payments; or

(b)

a lump sum payment.

(4)

A member may exercise the added pension option more than once but an option to make a lump sum payment for added pension may only be exercised once in any scheme year.

(5)

An option to make a lump sum payment for added pension may only be exercised if the member—

(a)

has been an active member of this scheme in relation to a continuous period of pensionable service for at least 12 months; and

(b)

has been provided with a statement of the amount of added pension (if paragraph 18 applies).

Annotations

Commencement

I1: Sch. 1 para. 7 in force at 10.2.2015, see reg. 1(2)