Paragraph 32 Determination of the buy-out value
(1)
The buy-out value is an amount determined by the scheme manager.
(2)
If an additional pension election or a faster accrual election is subsequently made in respect of a person (P), the scheme manager may—
(a)
re-determine the buy-out value; and
(b)
send a written notice to P stating the re-determined buy-out value.