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Pensions Act 2008

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This is the original version (as it was originally enacted).

Commutation of periodic compensation

This section has no associated Explanatory Notes

9(1)A transferee who is entitled to periodic compensation under paragraph 6 may, in prescribed circumstances, opt to commute for a lump sum a portion of the periodic compensation with effect from the time it becomes payable.

(2)Except in such circumstances as may be prescribed, the portion commuted under sub-paragraph (1) must not exceed 25%.

(3)Any reduction required to be made by virtue of paragraph 18 (compensation cap) must be made before determining the amount of the transferee’s periodic compensation which may be commuted under this paragraph.

(4)Where the transferee opts to commute any part of his or her periodic compensation under this paragraph, the lump sum payable under sub-paragraph (1) is the actuarial equivalent of the commuted portion of the periodic compensation calculated from tables designated for this purpose by the Board.

(5)The Board must publish in such manner as it considers appropriate the tables designated by it for the purposes of sub-paragraph (4).

(6)Regulations may prescribe the manner in which an option to commute periodic compensation under this paragraph may be exercised.

(7)The Secretary of State may, by order, amend sub-paragraph (2) so as to substitute a different percentage for that for the time being specified there.

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