9—(1) A transferee who is entitled to periodic compensation under paragraph 6 may, in prescribed circumstances, opt to commute for a lump sum a portion of the periodic compensation with effect from the time it [F1commences] .N.I.
(2) Except in such circumstances as may be prescribed, the portion commuted under sub-paragraph (1) must not exceed 25%.
(3) Any reduction required to be made by virtue of paragraph 18 (compensation cap) must be made before determining the amount of the transferee's periodic compensation which may be commuted under this paragraph.
(4) Where the transferee opts to commute any part of his or her periodic compensation under this paragraph, the lump sum payable under sub-paragraph (1) is the actuarial equivalent of the commuted portion of the periodic compensation calculated from tables designated for this purpose by the Board.
(5) The Board must publish in such manner as it considers appropriate the tables designated by it for the purposes of sub-paragraph (4).
(6) Regulations may prescribe the manner in which an option to commute periodic compensation under this paragraph may be exercised.
(7) The Department may, by order, amend sub-paragraph (2) so as to substitute a different percentage for that for the time being specified there.
Textual Amendments
F1Words in Sch. 4 para. 9(1) substituted (27.3.2013) by Pensions Act (Northern Ireland) 2012 (c. 3), s. 34(3), Sch. 4 para. 33; S.R. 2013/83, art. 2(b)(iii)
Commencement Information
I1Sch. 4 para. 9 wholly in operation; Sch. 4 para. 9 in operation for certain purposes at Royal Assent see s. 118(2); Sch. 4 para. 9 in operation at 6.4.2011 in so far as not already in operation by S.R. 2011/108, art. 2(2), Sch.