Section 284 — Pensions Act 2004: Restrictions on commutation and age at which benefits may be received

Restrictions on commutation and age at which benefits may be received 284 1 For section 21(1) of the Pension Schemes Act 1993 (commutation of guaranteed minimum pensions) substitute— 1 A scheme may, in such circumstances and subject to such restrictions and conditions as may be prescribed, provide for the payment of a lump sum instead of a pension required to be provided by the scheme in accordance with section 13 or 17.

2 In section 17 of that Act (minimum pensions for widows and widowers), at the end insert— 8 Where—

a a lump sum is paid to an earner under provisions included in a scheme by virtue of section 21(1),

and b those provisions are of a prescribed description, the earner shall be treated for the purposes of this section as having any guaranteed minimum under section 14 that he would have had but for that payment. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .