Paragraph 35 Payment of buy-out contributionsI1

Scotland

(1)

P must—

(a)

make the first monthly payment within 2 months after the end of the month in which a buy-out election is accepted; and

(b)

continue to make the monthly payments until the end of the contributions payment period.

(2)

The final monthly payment is due in the month before the buy-out period has effect.

(3)

If the scheme manager re-determines the amount of the monthly payment during the contributions payment period, P must pay the re-determined amount from the beginning of the next financial year.

(4)

P is taken to revoke a buy-out election if—

(a)

a monthly payment is missed; and

(b)

the payment is not made within 3 months after P receives a written demand from the scheme manager.

Annotations

Commencement

I1: Sch. 2 para. 35 in force at 1.4.2015, see reg. 1(2)(b)