Regulation 65 Amendment of the Teachers' Superannuation (Scotland) Regulations 2005

After regulation F13 insert–

“Commutation on election by pension credit member

F13A

(1)

A pension credit member may, by an election made with the application for payment under regulation E36(1A), elect to receive a further lump sum of such amount as is specified in the election (subject to paragraph (2)) in place of part of his or her pension.

(2)

The amount of such lump sum must be a multiple of £12 and cannot exceed–

(a)

in the case of a pension credit member with a normal pension age of 65, his or her permitted maximum; and

(b)

in the case of a pension credit member with a normal pension age of 60, his or her permitted maximum less the lump sum paid under regulation F10(3).

(3)

Where a lump sum is paid under this regulation the annual rate of the pension credit member’s pension is reduced by £1 for every £12 of lump sum paid under paragraph (2).”.