Right to commute pension into a lump sumS
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.S
(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).