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18.—(1) A Member shall have the option, by giving notice in writing to the Secretary of State not later than 31 days before the date of retirement (or such later time as the Secretary of State may allow) to request that part or all of the pension (whether RMSPS NRA60 Pension, RMSPS NRA65 Pension, or both) payable on retirement shall be commuted into an additional lump sum assessed on a basis to be determined by the Secretary of State on the advice of the Actuary.
(2) For the avoidance of doubt, any reduction in pension resulting from an exercise of the option under sub-paragraph (1) above will be disregarded for the purpose of determining any pension payable under Rule 11 (Spouse’s pension) (and, where applicable, Rule 12 (Spouse’s pension for Relevant Members)), Rule 14 (Children’s pensions) or Rule 15 (Dependants’ pensions).
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