Paragraph 37 Revoking a buy-out electionI1

Scotland

(1)

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

(2)

If P revokes a buy-out election or is taken to revoke a buy-out election—

(a)

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

(b)

when a retirement pension becomes payable to P, the standard reduction applies to a proportion of the maximum as determined by the scheme manager.

(3)

In determining the proportion, the scheme manager must take into account—

(a)

the number of monthly payments made; and

(b)

the number of years stated in the buy-out election.

(4)

If P revokes the election or is taken to revoke a buy-out election, P may not make a subsequent buy-out election.

(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”).

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