5(1)Section 635 (lump sum to member) is amended as follows.
(2)In subsection (1) (date of election for lump sum), for the words from “the date on which” to the end substitute “his pension date under the arrangements in question”.
(3)In subsection (2) (date of payment of lump sum), for the words “when that annuity is first payable” substitute “on the date which is his pension date under the arrangements in question”.
(4)In subsection (3) (limit on amount of lump sum)—
(a)in paragraph (a) for “the arrangements made by the member in accordance with the scheme” substitute “the arrangements in question”; and
(b)in paragraph (b) for “under the scheme” substitute “under those arrangements”.