Paragraph 32 Making a buy-out electionI1

Scotland

(1)

A buy-out election made by a member (P) must state the number of years in respect of which the standard reduction is to be bought out.

(2)

A buy-out election must be made by written notice to the scheme manager.

(3)

The notice of election must specify—

(a)

if P is in more than one eligible employment, the name of the employer who is to deduct the contributions;

(b)

P’s name;

(c)

P’s date of birth;

(d)

P’s normal pension age;

(e)

the date on which P entered pensionable service;

(f)

P’s annual rate of pensionable earnings.

(4)

The scheme manager may ask P to provide further information.

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