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Local Government Pension Scheme Regulations (Northern Ireland) 2002

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Commutation: small pensions

142.—(1) If the annual rate of the pension to which a pension credit member is entitled is –

(a)not more than £195, if he has received a lump sum grant; or

(b)otherwise, not more than £260,

the Committee may pay him a lump sum representing the capital value of the pension.

(2) If the pension credit member is entitled to more than one pension under the Scheme, a lump sum is only payable if the aggregate amount payable to that member is less than £195 or £260, as the case may be.

(3) The capital value of the pension must be calculated in accordance with guidance issued by the Government Actuary.

(4) The payment of a lump sum in respect of a pension due to the pension credit member under this regulation discharges the Committee from its liability for the pension.

(5) The Committee must deduct from any payment under this regulation any tax to which it may become chargeable under section 599 of the Income and Corporation Taxes Act 1988(1).

(1)

1988 c. 41 Section 599 was amended by the Finance Act 1989 (c. 26), Schedule 6, paragraphs 11 and 18

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