serious ill-health lump sum
- serious ill-health lump sum
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Introduced by the Finance Act 2004, a member of a registered pension scheme may commute the entirety of his pension benefits for a serious ill-health lump sum, provided that a registered medical practitioner has certified that the member has less than 12 months to live. All or part of the member's lifetime allowance must be available, none of his benefits must have previously crystallised, and the lump sum must be paid before the member reaches age 75. There is no minimum age restriction on payment.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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