Pensions (Pre-consolidation) Measure 2018

Church of England Pensions Regulations 1988 (S.I. 1988/2256)

12 (1) In Part 3 (pensions for widows and children etc.), in regulation 18 (power of Pensions Board to commute pension for capital sum), in paragraph (1), for the words from the beginning to “the actuarial equivalent thereof” substitute “The Board shall, subject to paragraphs (1A) and (2), have power to commute a pension payable under the preceding provisions of this Part for such capital sum as is estimated to be the actuarial equivalent of the aggregate pension so payable”.

(2) After paragraph (1) of that regulation insert—

“(1A) The Board shall exercise the power under paragraph (1) only if payment of a lump sum of an amount equivalent to the capital sum in question—

(a) would be authorised for the purposes of Part 4 of the Finance Act 2004, and

(b) would satisfy requirements imposed by or under Part 3 of the Pension Schemes Act 1993.”

(3) Omit paragraph (3) of that regulation (requirement for Board to obtain consent in case where pension exceeds £50 per annum).