14ACCommutation of pensions for adjustment of benefits

#### 14AC Commutation of pensions for adjustment of benefits 14AC Commutation of pensions for adjustment of benefits > > (1) If a benefit that may be taken in the form of a pension is reduced under section 14AA or 14AD, STC may, at its discretion and with the consent of the contributor or former contributor concerned, commute part of the pension to a lump sum for the purposes of payment to STC 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 contributor or former contributor 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 STC for the purposes of this section. > > > (3) STC 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 14AC:** Ins 1991 No 95, Sch 5 (4). Am 1996 No 39, Sch 4. Rep 1997 No 42, Sch 1.4 \[22\]. Ins 1997 No 149, Sch 1.3 \[9\]. Am 2010 No 60, Sch 1 \[4\].