# The Firefighters’ Pension Scheme (Wales) Regulations 2015, Regulation 80: Option to commute part of pension

Extent: E+W

(1) A member who becomes entitled to the immediate payment of a retirement pension may opt under this regulation to exchange part of the pension for a lump sum.
(2) The option may only be exercised—
(a) by written notice to the scheme manager which sets out the amount to be commuted; and
(b) before the first payment of the pension is made.
(3) If a member exercises the option, 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 member may not exchange for a lump sum under this regulation more than the lesser of—
(a) 25% of the pension; and
(b) the proportion of the pension to the extent that it would result in a scheme chargeable payment for the purposes of Part 4 of FA 2004.
(5) This regulation does not apply to a pension derived from pension credit rights if the pension debit member from whose rights the pension is derived has received a lump sum under this regulation before the date on which the pension sharing order takes effect.
(5A) This regulation applies to a member who receives an increase in ill-health award as a result of regulation 75(3B)(c) save that paragraphs (3) and (4) do not apply and the lump sum payable is that calculated in accordance with rule B7 (commutation - general provision) of the 1992 Scheme.
(6) This regulation does not apply to a higher tier ill-health pension.

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Source: https://www.legislation.gov.uk/wsi/2015/622/regulation/80 (the official version)
Page: https://openlegislation.uk/firefighters-pension-scheme-wales-regulations-2015/regulation-80
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.