# The Judicial Pensions Regulations 2015, Regulation 89: Option for pension credit member to commute part of pension

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

(1) A pension credit member who becomes entitled to payment of a pension credit member’s pension under this scheme may opt to exchange part of the pension for a lump sum.
(2) The option under this regulation may only be exercised—
(a) by notice to the scheme manager in a form required by the scheme manager; and
(b) before the first payment of the pension is made.
(3) If a pension credit member exercises the option under this regulation, 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 pension credit member may not exchange pension for a 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.
(5) This regulation does not apply if the pension debit member from whose rights the pension is derived received a lump sum under Part 7 before the date on which the pension sharing order takes effect.

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Source: https://www.legislation.gov.uk/uksi/2015/182/regulation/89 (the official version)
Page: https://openlegislation.uk/judicial-pensions-regulations-2015/regulation-89
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.