61RECommutation of pensions for adjustment of benefits

61RE Commutation of pensions for adjustment of benefits

61RE 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 61RA or 61RC, 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 61RE: Ins 1997 No 149, Sch 1.7 [14]. Am 2010 No 60, Sch 4 [5].