Paragraph 4 Limit on electionsI1
Scotland
(1)
The scheme manager must not accept an additional pension election or a faster accrual election in relation to a member (P) at any time if—
(a)
the scheme manager has accepted a buy-out election from P; and
(b)
the buy-out value at that time exceeds the overall amount of extra pension at that time.
(2)
The scheme manager must not accept an additional pension election or a faster accrual election that would result in the amount of extra pension exceeding the overall amount of extra pension.
Annotations
Commencement
- I1
Sch. 2 para. 4 in force at 1.4.2015, see reg. 1(2)(b)