PART 7E+W+SCommutation

Commutation of periodic compensationE+W+S

19.—(1) The prescribed circumstances for the purposes of paragraph 24(1) of Schedule 7 to the Act (commutation of periodic compensation) are the circumstances [F1specified in [F2paragraph (2)]] .

(2) The circumstances are that a person entitled to periodic compensation under paragraph 5, 8, 11 or 15 of Schedule 7 (pension compensation provisions)—

(a)must not have exercised an option to commute for a lump sum a portion of the pension in respect of which that person is entitled to periodic compensation; and

(b)must exercise the option to commute under paragraph 24(1) of Schedule 7 within six months beginning with the date on which—

(i)the Board gives the trustees or managers of the scheme a transfer notice under section 160(2) of the Act (transfer notice); or

[F3(ii)payment of periodic compensation commences,]

whichever is the later.

F4(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments