The Public Service (Civil Servants and Others) Pensions Regulations 2014
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Change 1
163 Commutation of small pensions
(1) This regulation applies if— (a) the pension entitlement of a single capacity member or the pension entitlement of a single capacity member’s beneficiary does not exceed the small pensions commutation maximum; or (b) the total pension entitlement of a dual capacity member or the total pension entitlement of a dual capacity member’s beneficiary does not exceed the small pensions commutation maximum. (2) Unless the member has reached state pension age, this regulation does not apply if— (a) the pension entitlement of the member or the member’s beneficiary under paragraph(1)(a) is equal to or exceeds the member’s guaranteed minimum; or (b) the total pension entitlement of the member or the member’s beneficiary under paragraph(1)(b) is equal to or exceeds the member’s guaranteed minimum. (3) The scheme manager may pay the member or the member’s beneficiary a lump sum of an amount advised by the scheme actuary as representing the cash value of the pension if— (a) the member or the member’s beneficiary consents to receipt of a lump sum in place of the pension; and (b) the requirements of the commutation provisions that apply in the circumstances are met. (4) The payment of a lump sum under this regulation in place of a pension discharges all liabilities under this scheme in respect of that pension. (5) In this regulation— “the commutation provisions” means the provisions permitting the commutation of pensions set out in— regulation 2 of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997; paragraph 7 of Schedule 29 (authorised lump sums – supplementary) to FA 2004 (which defines trivial commutation lump sums for the purposes of Part 4 of that Act) and, in relation to a pension payable under Part8 (death benefits), paragraph 20 of that Schedule (which defines trivial commutation lump sum death benefit for the purposes of Part 4 of that Act); and regulation 3 of the Pension Sharing (Pension Credit Benefit) Regulations 2000; “single capacity member” means a member of this scheme who is not a dual capacity member; and “the small pensions commutation maximum” means the amount that is permitted to be commuted having regard to the commutation provisions that apply in the circumstances.
163 Commutation of small pensions
(1) This regulation applies if— (a) the pension entitlement of a single capacity member or the pension entitlement of a single capacity member’s beneficiary does not exceed the small pensions commutation maximum; or (b) the total pension entitlement of a dual capacity member or the total pension entitlement of a dual capacity member’s beneficiary does not exceed the small pensions commutation maximum. (2) Unless the member has reached state pension age, this regulation does not apply if— (a) the pension entitlement of the member or the member’s beneficiary under paragraph(1)(a) is equal to or exceeds the member’s guaranteed minimum; or (b) the total pension entitlement of the member or the member’s beneficiary under paragraph(1)(b) is equal to or exceeds the member’s guaranteed minimum. (3) The scheme manager may pay the member or the member’s beneficiary a lump sum of an amount advised by the scheme actuary as representing the cash value of the pension if— (a) the member or the member’s beneficiary consents to receipt of a lump sum in place of the pension; and (b) the requirements of the commutation provisions that apply in the circumstances are met. (4) The payment of a lump sum under this regulation in place of a pension discharges all liabilities under this scheme in respect of that pension. (5) In this regulation— “the commutation provisions” means the provisions permitting the commutation of pensions set out in— regulation 2 of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997; paragraph 7 of Schedule 29 (authorised lump sums – supplementary) to FA 2004 (which defines trivial commutation lump sums for the purposes of Part 4 of that Act) and, in relation to a pension payable under Part8 (death benefits), paragraph 20 of that Schedule (which defines trivial commutation lump sum death benefit for the purposes of Part 4 of that Act); and regulation 3 of the Pension Sharing (Pension Credit Benefit) Regulations 2000; “single capacity member” means a member of this scheme who is not a dual capacity member; and “the small pensions commutation maximum” means the amount that is permitted to be commuted having regard to the commutation provisions that apply in the circumstances.
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