{
  "url": "https://openlegislation.uk/teachers-pension-scheme-regulations-2014/schedule-2/paragraph-29",
  "json_url": "https://openlegislation.uk/teachers-pension-scheme-regulations-2014/schedule-2/paragraph-29.json",
  "legislation": "uksi/2014/512",
  "legislation_title": "The Teachers' Pension Scheme Regulations 2014",
  "legislation_url": "https://openlegislation.uk/teachers-pension-scheme-regulations-2014",
  "path": "schedule/2/paragraph/29",
  "kind": "paragraph",
  "number": "29",
  "heading": "Eligible to make buy-out election",
  "text": "(1) A member (P) who has a normal pension age over 65 may elect to pay contributions to buy out the standard reduction (“buy-out election”) for a period of up to 3 years insofar as this relates to P’s—\n(a) standard earned pension; and\n(b) faster accrual earned pension (if any).\n(2) A buy-out election has effect from the day on which the scheme manager accepts the election.\n(3) A buy-out election ceases to have effect when the earliest of the following occurs—\n(a) P reaches normal pension age;\n(b) a retirement pension other than a phased retirement pension becomes payable to P;\n(c) P revokes the election or is taken to revoke the election.\n(4) A buy-out election may only be made within 6 months after P enters pensionable service under this scheme.\n(5) When making a buy-out election, P must be—\n(a) in pensionable service; and\n(b) under normal pension age.\n(6) P may by written notice to the scheme manager vary a buy-out election if P's normal pension age changes before a retirement pension becomes payable to P.",
  "extent": "E+W",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 2 para. 29(1) inserted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 31"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2014/512/schedule/2/paragraph/29",
    "retrieved_at": "2026-10-29T00:24:37.807691+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}