Paragraph 7 Member’s option to make periodical payments for added pensionI1

Scotland

(1)

The option notice must specify—

(a)

the periodical payment period; and

(b)

the amount of the periodical payment to be deducted by the member’s employer from the member’s pay in each pay period.

(2)

The amount of the periodical payment may be expressed as—

(a)

a percentage of the amount of a payment of the member’s pensionable earnings; or

(b)

a fixed sum.

(3)

The amount of the periodical payment must not be less than any minimum amount determined by the scheme manager.

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