# The Judicial Pensions Regulations 2015, Regulation 76: Option to commute part of pension

Extent: E+W+S+N.I.

(1) A member who becomes entitled to the immediate payment of a retirement pension under this scheme may opt under this regulation to exchange part of the pension for a lump sum.
(2) An option under this regulation may only be exercised 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 pension for lump sum under this regulation to the extent that it would result in a scheme chargeable payment for the purposes of Part 4 (pension schemes etc.) of FA 2004 (see section 241 of that Act).
(5) If paragraph (6) applies, the member may opt to exchange only so much of the pension (after subtracting the allocation amount, if any) that exceeds the guaranteed minimum, multiplied by such factor as is indicated for a person of the member’s description in tables provided by the scheme actuary.
(6) This paragraph applies if the member has a guaranteed minimum under section 14 (earner’s guaranteed minimum) of PSA 1993 in relation to the whole or part of a pension as a result of receipt by this scheme of a transfer value payment from another pension scheme in respect of which the member had such a guaranteed minimum.

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Source: https://www.legislation.gov.uk/uksi/2015/182/regulation/76 (the official version)
Page: https://openlegislation.uk/judicial-pensions-regulations-2015/regulation-76
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.