Regulation 45 Accepting a buy-out election

(1)

The scheme manager may accept a buy-out election by giving written notice to the person who made the election (M).

(2)

The notice must state—

(a)

the rate of the monthly payments determined under regulation 47; and

(b)

the date on which M reaches prospective normal pension age.

(3)

A buy-out election takes effect when M receives notice that the scheme manager has accepted the election.

(4)

The buy-out period is the number of scheme years starting with (and including) the scheme year in which the buy-out election takes effect and ending with (and including) the scheme year in which the earliest of the following occurs—

(a)

M revokes or is taken to have revoked the election;

(b)

M ceases to be a member of the scheme;

(c)

M reaches normal pension age.

(5)

The buy-out period does not include a scheme year in which payment of buy-out contributions is suspended by virtue of regulation 49.