# The Teachers’ Pension Scheme (Scotland) ( No. 2) Regulations 2014, Paragraph 37: Revoking a buy-out election

Extent: S

(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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Source: https://www.legislation.gov.uk/ssi/2014/292/schedule/2/paragraph/37 (the official version)
Page: https://openlegislation.uk/teachers-pension-scheme-scotland-no-2-regulations-2014/schedule-2/paragraph-37
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.