SCHEDULES
SCHEDULE 23 OCCUPATIONAL PENSION SCHEMES: SCHEMES APPROVED BEFORE 23rd JULY 1987 M1
Annotations:
Marginal Citations
Lump sums
6
1
This paragraph applies where an employee becomes a member of the scheme on or after 17th March 1987.
C12
If the rules of the scheme allow the employee to obtain, (by commutation of his pension or otherwise), a lump sum or sums calculated by reference to his relevant annual remuneration, they shall have effect as if they included a rule that in calculating a lump sum any excess of that remuneration over the permitted maximum should be disregarded.
Source—1987 (No. 2) c. 51, Sch.3 Pt. II