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The Local Government Pension Scheme (Scotland) Regulations 2018

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Election for lump sum instead of pension

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32.—(1) Subject to paragraph (4), a member entitled to a retirement pension under the Scheme may by written notice given to the appropriate administering authority before the benefit crystallisation event in respect of which any benefits are payable, commute the retirement pension payable (including any revaluation adjustment), or part thereof, at a rate of £12 for every £1 of annual pension commuted.

(2) But the total amount of the member’s commuted sum shall not exceed 25% of the capital value of the member’s accrued rights under all local government pension provision in relation to that benefit crystallisation event, including those under regulation 17(6)(a) (additional voluntary contributions).

(3) The capital value of a member’s accrued rights shall be calculated in accordance with actuarial guidance issued by the Scottish Ministers.

(4) Paragraph (1) does not apply to—

(a)a pension credit member where the member of the Scheme to which the Pension Sharing Order applied has made an election under this regulation before the valuation date used when implementing the Pension Sharing Order; or

(b)any additional pension purchased by the member under regulation 17(6)(b)(i) (additional voluntary contributions).

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