Commutation of part of pension
162.—(1) The following members may apply to the scheme manager to receive a lump sum in place of part of a pension—
(a)a member who is entitled to payment of a retirement pension;
(b)a pension credit member who is entitled to payment of a pension credit retirement pension.
(2) Paragraph (1)(b) only applies if—
(a)the member’s pension credit is derived from rights attributable to the pensionable service of a pension debit member; and
(b)a retirement pension does not become payable to the pension debit member before the transfer day in respect of that pensionable service.
(3) An application under this regulation must—
(a)be in writing;
(b)be made when the member applies under regulation 159 for payment of the pension; and
(c)specify the amount of the lump sum which the member wishes to receive.