66Right of certain pensioners to commute pensions to lump sum

66 Right of certain pensioners to commute pensions to lump sum

(1)  A pensioner who –

(a) immediately before the commencement day, was in receipt of a widow's pension or widower's pension which first became payable under the Retirement Benefits Act 1970 or the Superannuation Act 1938 ; and

(b) has not attained the age of 60 years –

may, within 3 months after attaining that age, elect to commute the whole or part of that pension into a lump sum payment as provided in this regulation.

(2)  A pensioner who –

(a) is in receipt of an invalidity pension that first became payable under the Retirement Benefits Act 1982 ; or

(b) immediately before 27 July 2005, was in receipt of a total and permanent incapacity pension or a partial and permanent incapacity pension calculated under clause 7 of Schedule 3 to the Retirement Benefits Regulations 1994 or the corresponding provision of any of the former regulations; or

(c) becomes entitled to a total and permanent incapacity pension or partial and permanent incapacity pension under clause 7 of Schedule 1 to these regulations –

may elect to commute the whole or part of that pension to a lump sum payment.

(3)  An election under subregulation (2) is to be made within 6 months after the person attains the age of 60 years, 63 years or 65 years and may be made on one occasion only.

(4)  A surviving partner who becomes entitled to a pension under regulation 62(1) may, within a period of 3 months immediately following the Commission's determination under regulation 109 that the partner is a surviving partner, elect to commute the whole or part of that pension into a lump sum payment as provided in this regulation.

(5)  A person who makes an election under this regulation is entitled to a lump sum benefit equal to the amount of the pension forgone by him or her multiplied by the commutation factor that is applicable to that person on the date on which his or her election becomes effective.