# The Police Pensions Regulations 2015, Regulation 131: Option for pension credit member to commute part of pension


(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 written notice to 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 credit member's pension is reduced, the member must be paid a lump sum of £12.
(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).
(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.

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Source: https://www.legislation.gov.uk/uksi/2015/445/regulation/131 (the official version)
Page: https://openlegislation.uk/police-pensions-regulations-2015/regulation-131
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.