Paragraph 7 Commutation of the whole of pension credit benefit at normal benefit ageF1
A pension credit member shall be entitled to the commutation of the whole of his pension credit benefit at normal benefit age in the circumstances described in sub-paragraph (2).
The circumstances described in this sub-paragraph are—
the pension credit member is suffering from serious ill health at normal benefit age; or
the total benefits payable meet the requirements of regulation 12 of the 2009 Regulations.
In the case of a pension credit member to whom this paragraph applies, the Secretary of State may realise the investments made under paragraph 2 without purchasing an annuity and the proceeds shall be payable to the pension credit member as a lump sum.
In this paragraph “serious ill health” means ill health which is such as to give rise to a life expectancy of less than one year from the date on which the payment of the pension credit benefit of the pension credit member is applied for.
Annotations
Textual amendments
- F1
Sch. 2 inserted (1.5.2001) by The National Health Service (Pension Scheme and Additional Voluntary Contributions) (Pension Sharing) Amendment Regulations 2001 (S.I. 2001/1428), reg. 1, Sch. 2 para. 6
- F2
Sch. 2 para. 7(2)(b) substituted (1.4.2015) by The National Health Service Pension Scheme, Injury Benefits and Additional Voluntary Contributions (Amendment) Regulations 2015 (S.I. 2015/96), regs. 1(2), 65(4)