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PENSIONS COMMUTATION ACT 1871 - SECT 8

Moneys paid for commutation of pensions to be repaid by annuities.

8. An account shall be made up annually of the amount paid by the
Commissioners for the Reduction of the National Debt for the commutation of
pensions under this Act, and a terminable annuity shall be annually paid, out
of the votes of Parliament upon which the respective pensions were chargeable
previous to commutation, to the Commissioners for the Reduction of the
National Debt of an amount sufficient to repay to the said Commissioners, at
the expiration of ten years, the amount advanced by them, together with
interest thereon at a rate of not less than three and a half per centum per
annum, and the amount of the annuity payable in respect of the commutation of
pensions shall be notified by a certificate under the hand of the actuary of
the National Debt Office, in the case of an officer [to the Defence Council],
and in the case of any other person to the head of the department to which the
person belonged whose pension has been so commuted, or to such other person as
may be directed by the Treasury.

© 1871 Crown Copyright

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