PENSIONS COMMUTATION ACT 1871 - SECT 4 Power to Treasury to commute pensions.

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PENSIONS COMMUTATION ACT 1871 - SECT 4

Power to Treasury to commute pensions.

4. It shall be lawful for the Treasury, in accordance with such regulations as
they may from time to time make, on the application of any person to whom
this Act applies, to commute his pension by the payment of a capital sum of
money, calculated according to the estimated duration of the life of the
pension-holder, subject to the following provisions:

(1)In calculating the amount payable in respect of the commutation of any
pension, the following rules shall be observed:

(a)The age of the pension-holder shall be reckoned at the age he will attain
on the birthday next succeeding his application for commutation;

(b)In the case of impaired lives, years shall be added to the age of the
pension-holder for the purpose of calculating the amount of commutation
payable to him; and in like manner a deduction from age shall be made as an
equivalent for the right to prospective increase of the pension to be
commuted;

<(c)In calculating the amount payable in respect of any pension, interest shall be reckoned at a rate of not less than five pounds per centum per annum:


(2)Where any officer in the naval or land forces of Her Majesty whose pension
has been commuted under this Act subsequently marries, his widow shall not be
entitled to any pension, and a child of any such officer born after the date
of the commutation of his pension shall not be entitled to compassionate
allowance:

(3)Save as aforesaid, nothing in this Act contained shall be held to deprive
the wife or children of any officer whose pension may be commuted of any
reversionary right to pension or compassionate allowance to which she or they
may be entitled:

(4)No application for the commutation of a pension shall be received unless it
be accompanied, in the case of an officer [by a recommendation from the
Defence Council], and in the case of any other person, by a recommendation
from the head of the department to which the applicant belongs, unless the
Treasury otherwise direct.

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Northern Irish Legislation

PENSIONS COMMUTATION ACT 1871 - SECT 4