Regulation 50 Revoking a buy-out election

(1)

A member (M) may revoke a buy-out election at any time before the end of the period mentioned in regulation 47(2)(a).

(2)

The scheme manager may revoke M's buy-out election if M does not pay contributions for a period of 12 months.

(3)

If a buy-out election is or is taken to have been revoked, M's monthly payments cease to be payable on the date of revocation.

(4)

If, at the revocation date, the buy-out period during which the contributions were paid was less than 12 months—

(a)

the contributions must be re-paid to M; and

(b)

the buy-out election ceases to have effect.

(5)

If, at the revocation date, the buy-out period during which the contributions were paid is 12 months or more—

(a)

contributions paid during the scheme year in which the election is revoked must be repaid to M; and

(b)

the buy-out period ends at the end of the previous scheme year.

(6)

The revocation date is the date the buy-out election is, or is taken to have been, revoked.