Regulation 47 Determination of contributions payable
(1)
The scheme manager must, after consultation with the scheme actuary, determine the rate of the monthly payments to be paid in respect of a buy-out election.
(2)
The scheme manager—
(a)
may determine the rate of the monthly payments by reference to the length of the period between the date of the buy-out election and the date when the member will reach prospective normal pension age; and
(b)
may exercise the functions under this paragraph so as to re-determine the rate of the monthly payments during that period.
(3)
Unless the scheme manager re-determines the rate, monthly payments following a gap in service not exceeding 5 years are the same as before the gap.