Paragraph 34 Determination of contributions payableI1
Scotland
(1)
The scheme manager must determine the amount of the monthly payments to be paid in respect of a buy-out election.
(2)
The scheme manager—
(a)
may determine the amount of the monthly payments by reference to the number of years stated in the buy-out election and the length of the contributions payment period; and
(b)
may exercise the functions under this paragraph so as to re-determine the amount of the monthly payments during the contributions payment period.
(3)
Unless the scheme manager re-determines the amount, monthly payments following a gap in service not exceeding 5 years are the same as before the gap.
Annotations
Commencement
- I1
Sch. 2 para. 34 in force at 1.4.2015, see reg. 1(2)(b)