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Regulation 2.26 Benefits which may be provided

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

Benefits at retirement may normally only be taken in pension form but the whole of the member’s pension may be commuted for a lump sum, from which any tax payable by the administrators shall be deducted, where —

(a)

the pension equivalent of the member’s pension benefits from all sources does not exceed £260 per annum;

(b)

the pension is payable under regulation 2.24(2)(d) and does not exceed £260 per annum; or

(c)

the administrators are satisfied on medical evidence that the member is fatally ill.