Paragraph 34 Payment of buy-out contributions
(1)
A member (P) must—
(a)
make the first monthly payment within 2 months after the end of the month in which a buy-out election is accepted; and
(b)
continue to make the monthly payments until the end of the contributions payment period.
(2)
The final monthly payment is due in the month before the buy-out election has effect.
(3)
If the scheme manager re-determines the amount of the monthly payment during the contributions payment period, P must pay the re-determined amount from the beginning of the next financial year.
(4)
P is taken to revoke a buy-out election if—
(a)
a monthly payment is missed; and
(b)
the payment is not made within 3 months after P receives a written demand from the scheme manager.