Regulation 170 Commutation amount

(1)

Paragraph (2) applies for the purpose of calculating the annual rate of pension payable to a member (P) who receives a lump sum under regulation 168.

(2)

The commutation amount is—

\frac{1}{12} \times a m o u n t o f t h a t l u m p s u m

(3)

If a retirement pension commuted under regulation 168 ceases to be payable under regulation 97 or 114, the commutation amount for any retirement pension that subsequently becomes payable to P is an amount determined by the Department after consulting the scheme actuary.