25.—(1) The circumstances prescribed for the purposes of paragraph 9(1) of Schedule 4 (commutation of periodic compensation) are specified in paragraph (2).
(2) The circumstances are that—
(a)the transferor must not have previously exercised an option to commute for a lump sum either—
(i)a portion of the pension from which the pension compensation credit was derived, or
(ii)a portion of the relevant pension compensation from which the pension compensation credit was derived;
(b)the transferee must not have previously exercised an option to commute for a lump sum a portion of the pension compensation credit in respect of which the transferee is entitled to periodic compensation, and
(c)the transferee exercises the option to commute within the period of 6 months beginning with the day on which payment of periodic compensation commences.