Paragraph 4 Limit on elections
(1)
The scheme manager must not accept an additional pension election or a faster accrual election in relation to a member (P) at any time if—
(a)
the scheme manager has accepted a buy-out election from P; and
(b)
the buy-out value at that time exceeds the overall amount of extra pension at that time.
(2)
The scheme manager must not accept an additional pension election or a faster accrual election that would result in the amount of extra pension exceeding the overall amount of extra pension.