Amount of allocationN.I.
51.—(1) An election under regulation 50 may not allocate more than one-third of the member's (M) relevant annual pension.
(2) An election may not allocate an amount that would result in—
(a)the allocated annual pension exceeding M's unallocated relevant annual pension;
(b)the allocated annual pension exceeding such amount as the scheme manager determines for the purposes of this paragraph—
(i)after consultation with the scheme actuary; and
(ii)having regard to any restrictions imposed under Part 4 of the 2004 Act M1; or
(c)the value of the allocated annual pension being such that a lump sum could be paid under paragraph 6 of Schedule 3 by way of conversion of a pension of that amount if the person entitled to the pension is not entitled to any other benefits under the scheme.
(3) The annual pension allocated must be an exact number of pounds.
(4) A pension provided pursuant to the election must be calculated in accordance with tables prepared by the scheme actuary.