PART 8Payment of benefits
CHAPTER 3Payment of lump sums
Conversion of part of pension168
1
The following members may apply to the scheme manager to receive a lump sum in place of part of a pension—
a
a member who is entitled to payment of a retirement pension;
b
a pension credit member who is entitled to payment of a pension credit retirement pension.
2
Paragraph (1)(b) only applies if—
a
the member’s pension credit is derived from rights attributable to the pensionable service of a pension debit member; and
b
a retirement pension does not become payable to the pension debit member before the day on which a pension-sharing order takes effect in respect of that pensionable service.
3
An application under this regulation must—
a
be in writing;
b
be made when the member applies under regulation 162 for payment of the pension; and
c
specify—
i
the amount of the lump sum which the member wishes to receive; or
ii
the conversion amount.