Paragraph 8 Added pension option exercisable by employer or third partyI1
United Kingdom
(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.
Annotations
Commencement
- I1
Sch. 1 para. 8 in force at 10.2.2015, see reg. 1(2)