# The National Health Service Pension Scheme Regulations 2015, 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.

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Source: https://www.legislation.gov.uk/uksi/2015/94/regulation/45 (the official version)
Page: https://openlegislation.uk/national-health-service-pension-scheme-regulations-2015/regulation-45
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.