34.—(1) Subject to paragraph (5), a member entitled to a retirement pension under the Scheme may by written notice given to the Committee before any benefits in relation to the benefit crystallisation event become payable, commute the retirement pension payable, or part thereof, at a rate of £12 for every £1 of annual pension commuted.
(2) But the total amount of the member’s commuted sum shall not exceed 25% of the capital value of the member’s accrued rights under all local government pension provision in relation to that benefit crystallisation event, excluding any sum received as benefits provided in the form of a lump sum from any AVC arrangement entered into before 1st April 2015 referred to in regulation 19(7)(a) (additional voluntary contributions).
(3) For the purpose of paragraph (2), an AVC arrangement is to be regarded as entered into on whichever is the earlier of the date the AVC election form is received by the Committee or the date the AVC election form is received by the member’s employing authority.
(4) The capital value of a member’s accrued rights shall be calculated in accordance with actuarial guidance issued by the Department.
(5) Paragraph (1) does not apply to—
(a)a pension credit member where the member of the Scheme to whom the pension sharing order applied has made an election under this regulation before the valuation date used when implementing the pension sharing order; or
(b)any additional pension purchased by the member under regulation 19(7)(b)(i) (additional voluntary contributions).