Paragraph 22 Faster accrual electionI1

Scotland

(1)

A member (P) may elect, in relation to pensionable service in an eligible employment, to pay contributions to accrue earned pension at a faster accrual rate in a financial year (“faster accrual election”).

(2)

A faster accrual election must state the faster accrual rate which is to apply to P’s pensionable earnings in that employment for that financial year.

(3)

A faster accrual election—

(a)

must be made—

(i)

in the financial year before the financial year to which it relates; or

(ii)

if P is a new joiner, within one month after P enters pensionable service in relation to an employment;

(b)

has effect from—

(i)

the start of the financial year to which it relates; or

(ii)

if P is a new joiner, one month after the election is received by the scheme manager; and

(c)

ceases to have effect at the end of the financial year to which it relates unless it is revoked before then.

(4)

When making a faster accrual election, P must be—

(a)

in pensionable service; and

(b)

under normal pension age.

Annotations

Commencement

I1: Sch. 2 para. 22 in force at 1.4.2015, see reg. 1(2)(b)