Amendment of regulation 212
87.—(1) Regulation 212 (Amount of lump sum: dual capacity members with pensions under regulation 180) is amended as provided by paragraphs (2) and (3).
(2) After paragraph (2)(a), add—
“(b)if the member had been entitled to any pensions under regulation 180 for less than 5 years, the lesser of—
(i)the total of the guarantee amounts for each of those pensions (see paragraph (3)), and
(ii)the aggregate lump sum cap (see paragraph (4));
(c)in the case of a 2008 Section Optant, this is subject to paragraph (4) and regulation 260V.”.
(3) For paragraph (4), substitute—
“(4) The aggregate lump sum cap is equal to twice the appropriate fraction of the annual average of the member’s uprated earnings by reference to which the pension to which the member became entitled on last exercising the option under regulation 180 was calculated, less the total of any lump sums paid to the member—
(a)in exchange for pensions under regulation 180 as a result of the member exercising the option under regulation 185; and
(b)in the case of a 2008 Section Optant the lump sum paid to that Optant under regulation 260K.”.