The Public Service (Civil Servants and Others) Pensions Regulations 2014
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Change 1
97 Option for pension credit member to commute part of pension
(1) A pension credit member who becomes entitled to payment of a pension credit member’s pension under this scheme may opt to exchange part of the pension for a lump sum. (2) The option under this regulation may only be exercised— (a) by notice to the scheme manager in a form required by the scheme manager; and (b) before the first payment of the pension is made. (3) If a pension credit member exercises the option under this regulation, 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 pension credit member may not exchange pension for lump sum under this regulation to the extent that it would result in a scheme chargeable payment for the purposes of Part 4 (pension schemes etc.) of FA2004 (see section241 of that Act). (5) This regulation does not apply if the pension debit member from whose rights the pension is derived received a lump sum under Part 6 (retirement benefits) before the date on which the pension sharing order takes effect.
97 Option for pension credit member to commute part of pension
(1) A pension credit member who becomes entitled to payment of a pension credit member’s pension under this scheme may opt to exchange part of the pension for a lump sum. (2) The option under this regulation may only be exercised— (a) by notice to the scheme manager in a form required by the scheme manager; and (b) before the first payment of the pension is made. (3) If a pension credit member exercises the option under this regulation, 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 pension credit member may not exchange pension for lump sum under this regulation to the extent that it would result in a scheme chargeable payment for the purposes of Part 4 (pension schemes etc.) of FA2004 (see section241 of that Act). (5) This regulation does not apply if the pension debit member from whose rights the pension is derived received a lump sum under Part 6 (retirement benefits) before the date on which the pension sharing order takes effect.
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