pension commencement lump sum
- pension commencement lump sum
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Introduced by the Finance Act 2004, a member of a registered pension scheme may commute part of his pension benefits for a pension commencement lump sum. This may comprise up to 25% of the capital value of the member's pension entitlement, and is usually paid when the member reaches retirement. A scheme may only pay a member a pension commencement lump sum if all or part of the member's lifetime allowance is available. It must be paid within three months of the member becoming entitled to it, and after the member has reached normal minimum pension age, but before age 75.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
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2010.
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