Related Commentary  

17(1)  A payment of a lump sum the whole of which is intended to represent a pension commencement lump sum, but which exceeds the permitted maximum, if–

(a)the lump sum exceeds the permitted maximum only because it has been calculated by reference to the amount of a relevant pension; and

(b)either–

(i)the payment of the pension is a payment within regulation 13 or 14 (1)(b), or

(ii)paragraph (3) applies.

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