The Firefighters’ Pension Scheme (England) Regulations 2014
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Change 1
71 Option to commute part of pension
(1) A member who becomes entitled to the immediate payment of a retirement pension may opt under this regulation to exchange part of the pension for a lump sum. (2) The option may only be exercised— (a) by written notice to the scheme manager which sets out the amount to be commuted; and (b) before the first payment of the pension is made. (3) If a member exercises the option, for every £1 by which the amount of the member’s annual rate of pension is reduced, the member must be paid a lump sum of £12. (4) A member may not exchange for a lump sum more than the lesser of— (a) 25% of the pension ... under this regulation; or (b) the proportion of the pension to the extent that it would result in a scheme chargeable payment for the purposes of Part 4 of FA 2004. (5) This regulation does not apply to a pension derived from pension credit rights if the pension debit member from whose rights the pension is derived has received a lump sum under this regulation before the date on which the pension sharing order takes effect. (6) This regulation does not apply to a higher tier ill-health pension.
71 Option to commute part of pension
(1) A member who becomes entitled to the immediate payment of a retirement pension may opt under this regulation to exchange part of the pension for a lump sum. (2) The option may only be exercised— (a) by written notice to the scheme manager which sets out the amount to be commuted; and (b) before the first payment of the pension is made. (3) If a member exercises the option, for every £1 by which the amount of the member’s annual rate of pension is reduced, the member must be paid a lump sum of £12. (4) A member may not exchange for a lump sum more than the lesser of— (a) 25% of the pension ... under this regulation; or (b) the proportion of the pension to the extent that it would result in a scheme chargeable payment for the purposes of Part 4 of FA 2004. (5) This regulation does not apply to a pension derived from pension credit rights if the pension debit member from whose rights the pension is derived has received a lump sum under this regulation before the date on which the pension sharing order takes effect. (6) This regulation does not apply to a higher tier ill-health pension.
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