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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 specified in paragraph (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
(ii)entitlement to periodic compensation arises,
whichever is the later.
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