Regulation 112 Option to buy out early payment reductionI1

Scotland

(1)

This regulation applies if a member of this scheme claims payment of a full retirement pension under Chapter 2 and—

(a)

if the member is an active member, the member has not reached normal pension age under this scheme; or

(b)

if the member is a deferred member, the member has not reached the member’s state pension age.

(2)

The member may opt under this regulation to buy out F1all or part of the early payment reduction that would otherwise apply to the calculation of the annual rate of full retirement pension.

(3)

The cost F2to buy out all or part of the early payment reduction must be met by way of a special payment to this scheme—

(a)

made by the member;

(b)

made by the employer of an active member or a deferred member in eligible service; or

(c)

made partly by the member and partly by the employer.

(4)

Any special payment by the employer must be made with the consent of the scheme manager.

(5)

The cost of buying out the early payment reduction is an amount determined by the scheme manager in accordance with actuarial guidance.

(6)

Any special payment made by a member must be made in accordance with the requirements of the scheme manager.

Annotations

Textual amendments

F1: Words in reg. 112(2) inserted (1.4.2019) by The Police Pensions (Miscellaneous Amendments) (Scotland) Regulations 2019 (S.S.I. 2019/68), regs. 1(2), 53(a)
F2: Words in reg. 112(3) inserted (1.4.2019) by The Police Pensions (Miscellaneous Amendments) (Scotland) Regulations 2019 (S.S.I. 2019/68), regs. 1(2), 53(b)

Commencement

I1: Reg. 112 in force at 1.4.2015, see reg. 1