Can the funds be commuted on the grounds of triviality?
This is allowable subject to the following conditions: • the aggregate value of all benefits provided for the individual from all registered pension schemes does not exceed 1% of the standard lifetime allowance • the member is aware that the payment will be taxed through PAYE. The tax charge will not apply to that part of the payment that represents allowable maximum pension commencement lump sum • The individual has reached the age of 60.
