Regulation 28 Circumstances in which periodic compensation may be commuted
The circumstances prescribed for the purposes of paragraph 9(1) (commutation) of Schedule 5 to the Act are specified in paragraph (2).
The circumstances are that—
the transferor must not have previously exercised an option to commute for a lump sum either—
a portion of the pension from which the pension compensation credit was derived; or
a portion of the relevant pension compensation from which the pension compensation credit was derived;
the transferee must not have previously exercised an option to commute for a lump sum a portion of the pension compensation credit in respect of which they are entitled to periodic compensation; and
the transferee exercises the option to commute within the period of six months beginning with the day on which payment of periodic compensation commences.