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Income and Corporation Taxes Act 1988
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635Lump sum to member
(1)The lump sum must be payable only if the member so elects on or before the date on which an annuity satisfying the conditions in section 634 is first payable to him under the arrangements made in accordance with the scheme.
(2)The lump sum must be payable when that annuity is first payable.
(3)The lump sum must not exceed one quarter of the total value, at the time when the lump sum is paid, of the benefits for the member provided for by the arrangements made by him in accordance with the scheme.
(4)The lump sum must not exceed £150,000 or such other sum as may for the time being be specified in an order made by the Treasury.
(5)The right to payment of the lump sum must not be capable of assignment or surrender.
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