31Time within which option may be exercised

31 Time within which option may be exercised

31 Time within which option may be exercised

(1) An election by a Category 1, 2 or 7 elector who, in accordance with clause 23, 24 or 28A, is taken to have transferred employment must be made within 3 months after the transfer of employment.

(2) An election by a Category 3, 4, 5 or 6 elector who, in accordance with clause 25, 26, 27 or 28, is taken to have transferred employment before the appointed day must be made within 12 months after that day.

(3) An election by a Category 3, 4, 5 or 6 elector who, in accordance with clause 25, 26, 27 or 28, is taken to have transferred employment on or after the appointed day must be made within 12 months after the transfer of employment.

(4) An election takes effect when the election form, duly completed, is received by the trustee of the transferee scheme.

(5) However, an election does not take effect if an elector has applied for a payment of a benefit (including a deferred benefit) under the transferor scheme before the election is received by the trustee of the transferee scheme.

(6) Despite any other provision of this clause, the trustee of the transferee scheme may allow an elector an additional period in which to make an election if the trustee thinks it appropriate in the circumstances.

(7) The additional period that may be allowed under subclause (6) must not exceed:

(a) if the elector is a Category 7 elector, such period as is determined by the trustee, or

(b) in any other case, 12 months after the expiration of the original period within which the election should have been made.

cl 31: Ins 1.10.1999. Am 13.12.2002.