Paragraph 27 Revoking a faster accrual electionI1

Scotland

(1)

A member (P) may revoke a faster accrual election at any time before the end of the contributions payment period.

(2)

P is taken to revoke a faster accrual election if P leaves pensionable service in the employment to which the election relates before the end of the contributions payment period.

(3)

If P revokes or is taken to revoke a faster accrual election and P is not entitled to be repaid the balance of contributions under regulation 183—

(a)

P’s monthly payments cease to be payable on the date of revocation; and

(b)

P’s active member’s account (or if P has left all pensionable service, P’s deferred member’s account or pensioner member’s account) must be credited with an amount determined by the scheme manager.

(4)

If P revokes or is taken to revoke a faster accrual election and P is entitled to be repaid the balance of contributions under regulation 183—

(a)

P’s monthly payments cease to be payable on the date of revocation; and

(b)

P’s rights under this scheme are extinguished.

(5)

A revocation must be by written notice to the scheme manager.

(6)

A revocation has effect from the date it is received by the scheme manager (“date of revocation”).

Annotations

Commencement

I1: Sch. 2 para. 27 in force at 1.4.2015, see reg. 1(2)(b)