The Armed Forces Pension Regulations 2014
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Change 1
116 Commutation of small pensions
(1) This regulation applies if— (a) a person’s entitlement to a pension under this scheme does not exceed the small pensions commutation maximum; (b) a dual capacity member’s total pension entitlement under this scheme does not exceed the small pensions commutation maximum; or (c) the total pension entitlement under this scheme of a surviving adult dependant or an eligible child of a dual capacity member does not exceed the small pensions commutation maximum. (2) The scheme manager may pay the person a lump sum of such an amount as the scheme manager after consultation with the scheme actuary advises represents the capital value of the pension if— (a) the person consents to receipt of a lump sum in respect of the pension; and (b) the commutation requirements are met. (3) The payment of a lump sum under this regulation in respect of a pension discharges all liabilities under these Regulations in respect of that pension. (4) In this regulation— “the small pensions commutation maximum” means the amount that is permitted to be commuted, having regard to all the commutation requirements that apply in the circumstances in question; and “the commutation requirements” means requirements permitting the commutation of small pensions that are imposed by— regulation 2 of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997; paragraph 7 of Schedule 29 to the 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 Part 6 (death benefits), by paragraph 20 of that Schedule (which defines trivial commutation lump sum death benefit for the purposes of that Part); or regulation 3 of the Pension Sharing (Pension Credit Benefit) Regulations 2000.
116 Commutation of small pensions
(1) This regulation applies if— (a) a person’s entitlement to a pension under this scheme does not exceed the small pensions commutation maximum; (b) a dual capacity member’s total pension entitlement under this scheme does not exceed the small pensions commutation maximum; or (c) the total pension entitlement under this scheme of a surviving adult dependant or an eligible child of a dual capacity member does not exceed the small pensions commutation maximum. (2) The scheme manager may pay the person a lump sum of such an amount as the scheme manager after consultation with the scheme actuary advises represents the capital value of the pension if— (a) the person consents to receipt of a lump sum in respect of the pension; and (b) the commutation requirements are met. (3) The payment of a lump sum under this regulation in respect of a pension discharges all liabilities under these Regulations in respect of that pension. (4) In this regulation— “the small pensions commutation maximum” means the amount that is permitted to be commuted, having regard to all the commutation requirements that apply in the circumstances in question; and “the commutation requirements” means requirements permitting the commutation of small pensions that are imposed by— regulation 2 of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997; paragraph 7 of Schedule 29 to the 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 Part 6 (death benefits), by paragraph 20 of that Schedule (which defines trivial commutation lump sum death benefit for the purposes of that Part); or regulation 3 of the Pension Sharing (Pension Credit Benefit) Regulations 2000.
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