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Paragraph 5 Commutation of pensions for surviving spouses, civil partners and nominated partners

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A pension payable under this Chapter may, if the person entitled to it so requests, be commuted for a lump sum if, after commutation, the lump sum would be a trivial commutation lump sum death benefit within the meaning of paragraph 20 of Schedule 29 to the Finance Act 2004.

(2)

The amount of the lump sum shall be calculated in accordance with tables prepared by the Scheme Actuary and in force when the commutation takes effect

(3)

On the day on which a pension is commuted under this rule, all other entitlements under this Scheme of the person entitled to the pension are extinguished to the extent that they derive from the deceased member.