Paragraph 22 Faster accrual election

(1)

This paragraph applies to a person (P) who—

(a)

is in pensionable service under this scheme in relation to an employment; and

(b)

has not reached normal pension age under this scheme.

(2)

P may elect, in relation to an employment, to pay contributions to accrue earned pension at a faster accrual rate in any financial year (“faster accrual election”).

(3)

A faster accrual election must state the faster accrual rate which is to apply to P's pensionable earnings in that employment for that financial year.

(4)

A faster accrual election must be made—

(a)

if P was not in pensionable service in relation to that employment in that financial year, within one month after P enters pensionable service in relation to that employment; or

(b)

otherwise, in the financial year before the financial year to which it relates.

(5)

A faster accrual election has effect as follows—

(a)

if sub-paragraph (4)(a) applies, from one month after the election is received by the scheme manager; or

(b)

otherwise, from the start of the financial year to which it relates.

(6)

A faster accrual election ceases to have effect at the end of the financial year to which it relates unless it is revoked before then.