PART 2BENEFITS FOR OFFICERS
CHAPTER 9MISCELLANEOUS AND SUPPLEMENTARY PROVISIONS
Commutation of small pensions
Commutation of small pensions128
1
The Department may pay any person entitled to a pension under F2this Section of the Scheme a lump sum representing the capital value of the pension and of any benefits that might have become payable under F2this Section of the Scheme on the person's death apart from the payment if the conditions specified in paragraph (2) are met.
2
The conditions are that the payment complies with the following requirements (in so far as they apply)—
a
the contracting-out requirements,
b
the preservation requirements,
c
regulation 2 of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations (Northern Ireland) 1997 M1,
F1d
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
e
the lump sum rule (see, in particular, paragraph 7 of Schedule 29 to the Finance Act 2004: trivial commutation lump sums for the purposes of Part 4 of that Act), F3...
f
the lump sum death benefit rule (see, in particular, paragraph 20 of that Schedule: trivial commutation lump sum death benefit for the purposes of that Part)F4; and
g
Regulation 12 of the Registered Pension Schemes (Authorised Payments) Regulations 2009 (payment by larger pension schemes).
3
The lump sum must be calculated by the Department in accordance with advice from the Scheme actuary.
4
The payment of a lump sum under this regulation discharges all liabilities of the Department in respect of the pension in question and of any other such benefits as mentioned in paragraph (1).