PART 1Membership, contributions and benefits
Benefits
Election for lump sum instead of pension33
1
Subject to paragraph (4), a member entitled to a retirement pension under the Scheme may by written notice given to the appropriate administering authority before any benefits in relation to the benefit crystallisation event become payable, commute the retirement pension payable, or part thereof, at a rate of £12 for every £1 of annual pension commuted.
C12
But the total amount of the member's commuted sum shall not exceed 25% of the capital value of the member's accrued rights under all local government pension provision in relation to that benefit crystallisation event F1including those under regulation 17(7)(a) (additional voluntary contributions).
3
The capital value of a member's accrued rights shall be calculated in accordance with actuarial guidance issued by the Secretary of State.
4
Paragraph (1) does not apply to—
a
a pension credit member where the member of the Scheme to whom the Pension Sharing Order applied has made an election under this regulation before the valuation date used when implementing the Pension Sharing Order;
b
a deferred pensioner member; or
c
any additional pension purchased by the member under regulation 17(7)(b)(i) (additional voluntary contributions).