Regulation 3 Amendments to Part 5 (retirement benefits)

in the opening words, after “exchange” insert “for a lump sum under this regulation”; and

in sub-paragraph (a), omit “for a lump sum under this regulation”.

in the opening words of paragraph (3) for “rule” substitute “regulation”; and

after paragraph (3) insert—

“(4)

Where the person is entitled to the immediate payment of an equivalent amount to the 1992 Scheme lower tier ill-health pension and exercises the option to commute under this regulation, the lump sum is calculated in accordance with rule B7 (commutation-general provision) of the 1992 Scheme.”.