SCHEDULE 1Scottish Parliamentary Pension Scheme
Part GRetirement lump sums
43Payment of retirement lump sum and corresponding reduction in pension
1
An individual who gives a valid commutation notice is to be paid a retirement lump sum of an amount equal to the lower of—
a
the amount which the Fund trustees determine to be equivalent to the proportion of the individual’s scheme pension specified in the commutation notice, or
b
the permitted maximum (construed in accordance with paragraph 2 of Schedule 29 to the Finance Act 2004 (c. 12)).
2
The annual scheme pension payable to an individual who is to be paid a retirement lump sum is to be reduced by an amount which the Fund trustees determine to be appropriate in consequence of the individual’s entitlement to the retirement lump sum.
3
A determination of the Fund trustees' for the purposes of this rule must be—
a
certified by the scheme actuary, or
b
made in accordance with guidance and tables prepared by the scheme actuary.