Parliamentary Superannuation Act 1974
Sch 2Table showing maximum percentage of pension that may be commuted
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Schedule 2—Table showing maximum percentage of pension that may be commuted
Age of member pensioner on birthday next following day on which he first becomes entitled to elect to commute a percentage of pension Maximum Percentage 45 years or less 75% 46 years 72½% 47 years 70% 48 years 67½% 49 years 65% 50 years 62½% 51 years 60% 52 years 57½% 53 years 55% 54 years 52½% 55 years 50% 56 years 46% 57 years 42% 58 years 38% 59 years 34% 60 years or more 30% Note— Under section 21A the maximum percentage for a PSS 1 member pensioner who is 58 years of age or more and has had not less than 20 years service is 40%.