Paragraph 5 Added pension option exercisable by member

(1)

An active member of this scheme may opt to make payments for added pension to increase—

(a)

the member's retirement benefits M1 for a period of service; or

(b)

the member's retirement benefits and death benefits payable in respect of the member for a period of service.

(2)

A member may exercise the added pension option by written notice to the scheme manager in a form required by the scheme manager (“the option notice”).

(3)

The option notice must state whether the payments for added pension are to be made by—

(a)

periodical payments; or

(b)

a lump sum payment.

(4)

A member may exercise the added pension option more than once but an option to make a lump sum payment for added pension may only be exercised once in any scheme year.

C1(5)

An option to make a lump sum payment for added pension may only be exercised if the member—

(a)

has been an active member of this scheme in relation to a continuous period of pensionable service for at least 12 months; and

(b)

has been provided with a statement of the amount of added pension (if paragraph 16 applies).

Annotations

Marginal citations

M1: Added pension which increases the member's retirement benefits is payable to the member as part of the member's full retirement pension in accordance with the provisions of Part 6 of these Regulations.

Modifications

C1: Sch. 3 para. 5(5) excluded (1.10.2023) by The Police Pensions (Remediable Service) Regulations (Northern Ireland) 2023 (S.R. 2023/122), regs. 1(b), 30