7Power to commute pensions
(1)The Minister, on the application of any person in receipt of a pension, may in his discretion and on the prescribed terms and subject to the prescribed conditions, commute any part of the pension by the payment of a capital sum.
(2)If any person making an application under this section for the commutation of his pension wilfully makes a false statement in any declaration which he is required to make for the purposes of or in connection with the application; he shall be liable on summary conviction to imprisonment for a term not exceeding one month, or to a fine not exceeding ten pounds, or to both such imprisonment and fine.
(3)In this section the expression " prescribed" means prescribed by regulations made by the Minister with the approval of the Treasury.