{
  "url": "https://openlegislation.uk/national-health-service-pension-scheme-regulations-2015/regulation-45",
  "json_url": "https://openlegislation.uk/national-health-service-pension-scheme-regulations-2015/regulation-45.json",
  "legislation": "uksi/2015/94",
  "legislation_title": "The National Health Service Pension Scheme Regulations 2015",
  "legislation_url": "https://openlegislation.uk/national-health-service-pension-scheme-regulations-2015",
  "path": "regulation/45",
  "kind": "regulation",
  "number": "45",
  "heading": "Accepting a buy-out election",
  "text": "(1) The scheme manager may accept a buy-out election by giving written notice to the person who made the election (M).\n(2) The notice must state—\n(a) the rate of the monthly payments determined under regulation 47; and\n(b) the date on which M reaches prospective normal pension age.\n(3) A buy-out election takes effect when M receives notice that the scheme manager has accepted the election.\n(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—\n(a) M revokes or is taken to have revoked the election;\n(b) M ceases to be a member of the scheme;\n(c) M reaches normal pension age.\n(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.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2015/94/regulation/45",
    "retrieved_at": "2026-10-28T23:49:26.680467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}