7Commutation of pensions for reduction relating to early release of benefit—the Act, s 61RH

7 Commutation of pensions for reduction relating to early release of benefit—the Act, s 61RH

7 Commutation of pensions for reduction relating to early release of benefit—the Act, s 61RH

(1) This section applies if a benefit that is to be reduced under section 5 may be taken in the form of a pension.

(2) STC may, at its discretion and with the consent of the person to whom the pension is payable, commute part of the pension to a lump sum for the purposes of the payment to STC of the amount of the reduction.

(3) Commutation of part of the pension—

(a) does not affect other rights that the person has to commute the pension under the Act, and

(b) must not be taken into account for the purpose of determining whether, and to what extent, another right may be exercised, and

(c) must be done on a basis determined by STC.

(4) 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.