Paragraph 1 Interpretation of Schedule

In this Schedule—

• “additional pension contributions” means contributions for an additional pension;

• “additional pension election” means an election under Chapter 1 of Part 2 of this Schedule;

• “amount of accrued extra earned pension” means the amount of accrued earned pension attributable to a faster accrual election;

• “amount of extra pension” has the meaning given in paragraph 2;

• “buy-out contributions” means contributions to buy out the standard reduction;

• “buy-out election” means an election under Chapter 1 of Part 4 of this Schedule;

• “buy-out value” means an amount determined or re-determined by the scheme manager in accordance with Part 4 of this Schedule;

• “contributions” means—

  1. (a)

     additional pension contributions;

  2. (b)

     faster accrual contributions; or

  3. (c)

     buy-out contributions;

• “contributions payment period”, for contributions paid monthly, means the period which—

  1. (a)

     begins on the start date; and

  2. (b)

     ends on the date on which the final monthly payment is due;

• “election” means—

  1. (a)

     an additional pension election;

  2. (b)

     a faster accrual election; or

  3. (c)

     a buy-out election;

• “faster accrual contributions” means contributions for a faster accrual rate;

• “faster accrual election” means an election under Chapter 1 of Part 3 of this Schedule;

• “faster accrual rate”, in relation to P's pensionable earnings, means 1/45th, 1/50th or 1/55th;

• “monthly payments”, in respect of an election, means contributions paid monthly;

• “overall amount” means the overall amount of extra pension as defined in paragraph 3;

• “refund period”, in relation to additional pension contributions, means the period ending one year after the start date;

• “start date”—

  1. (a)

     for contributions paid by lump sum, means the date on which the scheme manager receives the lump sum; and

  2. (b)

     for monthly payments, means the first day of the second month after the month in which the election is accepted.