{
  "url": "https://openlegislation.uk/police-pension-scheme-scotland-regulations-2015/regulation-121",
  "json_url": "https://openlegislation.uk/police-pension-scheme-scotland-regulations-2015/regulation-121.json",
  "legislation": "ssi/2015/142",
  "legislation_title": "The Police Pension Scheme (Scotland) Regulations 2015",
  "legislation_url": "https://openlegislation.uk/police-pension-scheme-scotland-regulations-2015",
  "path": "regulation/121",
  "kind": "regulation",
  "number": "121",
  "heading": "Option for pension credit member to commute part of pension",
  "text": "(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.\n(2) The option under this regulation may only be exercised—\n(a) by written notice to the scheme manager; and\n(b) before the first payment of the pension is made.\n(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 credit member’s pension is reduced, the member must be paid a lump sum of £12.\n(4) A pension credit 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 of FA 2004 (see section 241 of that Act).\n(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 (retirement benefits) before the date on which the pension sharing order takes effect.",
  "extent": "S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 121 in force at 1.4.2015, see reg. 1"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ssi/2015/142/regulation/121",
    "retrieved_at": "2026-10-28T21:30:03.361596+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}