SCHEDULE 1Scottish Parliamentary Pension Scheme
Part GRetirement lump sums
Right to commute pension into a lump sum
42
1
An individual may commute a portion of the individual's scheme pension into a lump sum (a “retirement lump sum”) by giving notice (a “commutation notice”) to the Fund trustees.
2
A commutation notice is valid only if it—
a
is given before the earlier of—
i
the day on which a scheme pension is first paid to the individual, and
ii
the individual's 75th birthday,
b
specifies the proportion of the individual's scheme pension that the individual wants to commute into a retirement lump sum, and
c
provides the Fund trustees with such other information as they may reasonably require to—
i
determine the amount payable, and
ii
satisfy themselves that, if paid, the retirement lump sum would be a “pension commencement lump sum” for the purposes of Part 1 of Schedule 29 to the Finance Act 2004 (c. 12).