Regulation 168 Conversion of part of pension

(1)

The following members may apply to the scheme manager to receive a lump sum in place of part of a pension—

(a)

a member who is entitled to payment of a retirement pension;

(b)

a pension credit member who is entitled to payment of a pension credit retirement pension.

(2)

Paragraph (1)(b) only applies if—

(a)

the member's pension credit is derived from rights attributable to the pensionable service of a pension debit member; and

(b)

a retirement pension does not become payable to the pension debit member before the day on which a pension-sharing order takes effect in respect of that pensionable service.

(3)

An application under this regulation must—

(a)

be in writing;

(b)

be made when the member applies under regulation 162 for payment of the pension; and

(c)

specify—

(i)

the amount of the lump sum which the member wishes to receive; or

(ii)

the conversion amount.