Paragraph 4 Maximum commutation for office holders (including those retiring on grounds of ill-health)

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

Sch. 3 words substituted by Parliamentary Pensions 2006 reg. 5(5)(a)
Sch. 3 para. 6 words inserted by Parliamentary Pensions 2006 reg. 5(5)(b)
Sch. 3 para. 2(2)(ii) words substituted by Parliamentary Pensions 2006 reg. 15(7)(a)
Sch. 3 para. 4(1)(ii) words substituted by Parliamentary Pensions 2006 reg. 15(7)(b)
Sch. 3 para. 4(2)(ii)(b) words substituted by Parliamentary Pensions 2006 reg. 15(7)(b)

For the purposes of regulation G1(4), in the case of a Class A participant entitled to a pension under regulation F3—

(1)

who has no retained lump sum benefits and who either was an office holder on his sixty-fifth birthday or is so entitled by virtue of regulation J2 or J4 (ill-health pensions), the amount of the maximum commutable sum shall be the amount of—

(i)

the number of eightieths of the multiple, specified in the table in Part II of this Schedule in relation to the number of years, each beginning on 1st April, during which he had any actual reckonable service; and

(ii)

the product of three-eightieths of the multiple and any period, expressed in years and any fraction of a year, determined in respect of him under regulation P6(3) (Transfers from other pension schemes),

subject to a maximum of the amount of 120/80 of the multiple;

(2)

who has retained lump sum benefits, but would otherwise be within sub-paragraph (1) above, the amount of the maximum commutable sum shall be whichever is the greater of—

(i)

the amount of 120/80 of the multiple, less his retained lump sum benefits; and

(ii)

the amount of the product of three-eightieths of the multiple and, subject to a maximum of forty years, the aggregate of:

(a)

the number of years, each beginning on 1st April, during which he has any actual reckonable service; and

(b)

the number of years (if any) determined in respect of him under regulation P6(3).