PART VIOCCUPATIONAL AND PERSONAL PENSION SCHEMES: MISCELLANEOUS PROVISIONS
Contracting out
Restrictions on commutation and age at which benefits may be received261
1
For section 17(1) of the Pension Schemes Act (commutation of guaranteed minimum pensions) substitute—
1
A scheme may, in such circumstances and subject to such restrictions and conditions as may be prescribed, provide for the payment of a lump sum instead of a pension required to be provided by the scheme in accordance with section 9 or 13.
2
In section 13 of that Act (minimum pensions for widows and widowers), at the end add—
8
Where—
a
a lump sum is paid to an earner under provisions included in a scheme by virtue of section 17(1), and
b
those provisions are of a prescribed description,
the earner shall be treated for the purposes of this section as having any guaranteed minimum under section 10 that he would have had but for that payment.
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