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42(1)An individual may commute a portion of the individual’s scheme pension into a lump sum (a “retirement lump sum”) by giving notice (a “commutation notice”) to the Fund trustees.
(2)A commutation notice is valid only if it—
(a)is given before the earlier of—
(i)the day on which a scheme pension is first paid to the individual, and
(ii)the individual’s 75th birthday,
(b)specifies the proportion of the individual’s scheme pension that the individual wants to commute into a retirement lump sum, and
(c)provides the Fund trustees with such other information as they may reasonably require to—
(i)determine the amount payable, and
(ii)satisfy themselves that, if paid, the retirement lump sum would be a “pension commencement lump sum” for the purposes of Part 1 of Schedule 29 to the Finance Act 2004 (c. 12).
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Text created by the Scottish Executive department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills
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