21.—(1) A member in respect of whom a benefit crystallisation event within the meaning of Chapter 5 of Part IV of the Finance Act 2004(1) occurs on or after 1st April 2009 may choose in writing to the Committee before any benefits become payable to commute his pension, or part thereof, at a rate £12 for every £1 of annual pension entitlement surrendered.
(2) But the total amount of the member’s commuted sum, including any sum received as benefits provided in the form of a lump sum in accordance with regulation 15 (elections to pay additional voluntary contributions (AVCs)) shall not exceed 25% of the capital value of his accrued rights.
(3) A member’s accrued rights include rights accrued in respect of any payments made by or for him in accordance with the 2002 Regulations.
(4) The capital value of a member’s accrued rights shall be calculated in accordance with guidance issued by the Government Actuary.
(5) And for the purposes of paragraph (1), a member’s pension is his pension after any reduction pursuant to regulation 18 (flexible retirement) or 30 (choice of early payment of pension).