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The Local Government Pension Scheme (Benefits, Membership and Contributions) (Scotland) Regulations 2008

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Election for lump sum in lieu of pension

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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 occurs on or after 1st April 2009 may choose in writing to the appropriate administering authority before any benefits become payable to commute the member’s pension, or a part thereof, at a rate of £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 AVCs) shall not exceed 25% of the capital value of the member’s accrued rights.

(3) For the purposes of this regulation, a member’s accrued rights include rights accrued in respect of any payments made by or for the member in accordance with the 1998 Regulations.

(4) The capital value of a member’s accrued rights shall be calculated in accordance with guidance issued by the scheme actuary.

(5) And for the purposes of paragraph (1), a member’s pension is the member’s pension after any reduction pursuant to regulation 18 (flexible retirement) or 30 (choice of early payment of pension).

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