What if I'm currently paying extra contributions or might wish to do so in the future - is this possible when in the 50/50 section?
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As the 50/50 section is considered a short term option for use in times of financial difficulty it's not expected that you will remain in the section for a long period of time.
The rules of the Scheme do not therefore permit you to pay additional contributions in certain circumstances when you are in the 50/50 section.
The effect on additional contribution options are as follows:
Type of Contract
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Effect of being in 50/50 section
|
---|---|
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Existing Contracts - Must Cease
|
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Existing Contracts - Can Continue
(at the same rate as before you elected for the 50/50 option) |
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New Contracts - Not Permitted
|
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Existing Contracts - Can Continue (at the same rate as before you elected for the 50/50 option) |
|
New Contracts - Permitted |
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Existing Contracts - Can Continue (at the same rate as before you elected for the 50/50 option) Please Note: These contracts only apply to scheme members who took out such contracts before 1 April 2008. |
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Existing Contracts - Can Continue (at the same rate as before you elected for the 50/50 option) Please Note: These contracts only apply to scheme members who took out such contracts before 1 April 2014. |
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Existing Contracts - Can Continue (at the same rate as before you elected for the 50/50 option). |
|
New Contracts - Permitted |