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Local Government Pension Scheme (Amendment) Regulations (Northern Ireland) 2007
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- Northern Ireland Statutory Rules
- 2007 No. 152
- PART 2
- Regulation 43
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Commutation: small pensions
43. For regulation 142 (commutation: small pensions) there shall be substituted—
“Commutation: small pensions
142.—(1) If the capital value of the pension to which a pension credit member is entitled would be a trivial commutation lump sum as defined in paragraph 7 of Schedule 29 to the Finance Act 2004, the Committee may pay to him a lump sum representing such capital value.
(2) If the pension credit member is entitled to more than one pension under the Scheme a lump sum is only payable if the capital value of the aggregate amount payable to that member would be a trivial commutation lump sum as defined in paragraph 7 of Schedule 29 to the Finance Act 2004.
(3) The capital value of the pension must be calculated in accordance with guidance issued by the Government Actuary.
(4) The payment of a trivial commutation lump sum in respect of a pension due to the pension credit member under this regulation discharges the Committee from its liability for the pension.
(5) The Committee must deduct from any payment under this regulation any tax for which it may become liable under Part 9 of the Income Tax (Earnings and Pensions) Act 2003.”.
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