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The Postal Services Act 2011 (Transfer of Accrued Pension Rights) Order 2012

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Choosing a lump sum benefit

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8.—(1) A Member may—

(a)choose to give up RMSPS NRA60 Pension, RMSPS NRA65 Pension or both (including the RMSPS Pension Supplement, if any) for a lump sum in accordance with this Rule when that Member draws the relevant tranche of benefit; and/or

(b)apply the Transferred AVC Fund in accordance with Clause 10 (Additional voluntary contributions transferred from the RMPP) to provide a lump sum benefit.

A Member must, however, keep a pension not less than his or her GMP (unless the Member is paid a serious ill-health lump sum under General Rule 4(2) (Payment of benefits)) and may only take one lump sum from each tranche of benefit. The Secretary of State will convert pension to lump sum on a basis he shall determine which has been certified as reasonable by the Actuary. The maximum lump sum a Member may choose shall be subject to the limits in paragraph 7(b) of Part IX (Overriding Finance Act Provisions) of this Schedule.

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