{
  "url": "https://openlegislation.uk/teachers-pension-scheme-regulations-northern-ireland-2014/schedule-2/paragraph-29",
  "json_url": "https://openlegislation.uk/teachers-pension-scheme-regulations-northern-ireland-2014/schedule-2/paragraph-29.json",
  "legislation": "nisr/2014/310",
  "legislation_title": "The Teachers' Pension Scheme Regulations (Northern Ireland) 2014",
  "legislation_url": "https://openlegislation.uk/teachers-pension-scheme-regulations-northern-ireland-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.\n(2) A buy-out election has effect from the day on which the Department 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 Department vary a buy-out election if P's normal pension age changes before a retirement pension becomes payable to P.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "C",
      "label": "C1",
      "text": "Sch. 2 para. 29(4) modified (1.10.2023) by The Teachers’ Pension Scheme (Remediable Service) Regulations (Northern Ireland) 2023 (S.R. 2023/131), regs. 1, 31(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2014/310/schedule/2/paragraph/29",
    "retrieved_at": "2026-10-29T01:04:41.805929+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."
}