28DCommutation of pensions for adjustment of benefit

28D Commutation of pensions for adjustment of benefit

28D Commutation of pensions for adjustment of benefit

(1) If a determination reducing a benefit that may be taken in the form of a pension is made under section 26D, the trustees may, at their discretion and with the consent of the member or former member concerned, commute part of the pension to a lump sum for the purposes of payment to the trustees of the amount of the reduction.

(2) Commutation of part of a pension under this section—

(a) does not affect any other right that the member or former member has to commute the pension under this Act, and

(b) is not to be taken into account for the purpose of determining whether, and to what extent, any such other right may be exercised, and

(c) is to be done on a basis determined by the trustees for the purposes of this section.

(3) The trustees may obtain actuarial advice for the purpose of determining the basis on which part of a pension is to be commuted under this section.

(4) This section has effect despite any other provision of this Act.

s 28D: Ins 1997 No 149, Sch 1.2 [16].