Amount of lump sum payable under regulation 165 instead of retirement pension
166.—(1) This regulation applies to a member (P) who applies under regulation 165 to receive a lump sum instead of a retirement pension.
(2) The amount of the lump sum payable to P is the total of—
(a)for an age retirement pension, ill health pension or total incapacity pension, a sum equal to 5 x the annual rate of the retirement pension; and
(b)for a phased retirement pension that is already in payment, a sum equal to—
(A-B) x the annual rate of the phased retirement pension
where—
A is 5, and
B is the period (in years and fractions of a year) from the date on which the phased retirement pension was first paid until the date of the application(1).
Note: if this period is 5 years or more, no lump sum is payable in respect of the phased retirement pension.