Regulation 2.K.6 Treatment of unreduced retirement lump sumF1
This regulation applies to a 2008 Section Optant who becomes a member of this Section of the Scheme and, at the date that person’s option to join this Section of the Scheme was received by the Secretary of State in accordance with regulation 2.K.2, had made an election under regulation Q2 of the 1995 Regulations (right to buy an unreduced lump sum) to—
purchase an unreduced retirement lump sum for service before 25th March 1972, or
buy additional survivor’s pension for service before 6th April 1988,
which satisfies any of the conditions in paragraph (2).
Those conditions are that the election—
was paid for in full by the date referred to in paragraph (1);
ceased before the date referred to in paragraph (1), but before completion of the additional contributions payable;
was payable by additional contributions and remained in force immediately before the date referred to in paragraph (1); or
was payable by deduction from the member’s retirement lump sum.
If paragraph (1) applies, the election referred to in that paragraph will cease to be effective from 1st April 2008 and—
any additional contributions under the election that were due but not paid at that date will be deducted in accordance with regulations 2.K.2(6) and (7);
any liability to pay additional contributions under the election will cease from, and including, 1st April 2008, and
any requirement to pay for an unreduced retirement lump sum by the deduction referred to in paragraph (2)(d) will lapse.