Paragraph 30 Making a buy-out election

England and Wales

(1)

A buy-out election made by a member (P) must state the number of years in respect of which the standard reduction is to be bought out.

(2)

A buy-out election must be made by written notice to the scheme manager.

(3)

The notice of election must specify—

F1(a)

if P is in more than one eligible employment, the names of the employers in relation to P’s eligible employments;

(b)

P's name;

(c)

P's date of birth;

(d)

P's normal pension age;

(e)

the date on which P entered pensionable service;

(f)

P's annual rate of pensionable earnings for that employment.

(4)

The scheme manager may ask P to provide further information.

Annotations

F1: Sch. 2 para. 30(3)(a) substituted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2015 (S.I. 2015/592), regs. 1, 4