Pension-commencement lump sums must not exceed the ‘permitted maximum’.

This is defined as the lower of:

(1)25% of the ‘available portion’ of the member’s ‘lump-sum allowance’, i.e. the amount of the member’s lifetime allowance (see ¶384-000) remaining unused after any benefit-crystallisation events (‘BCEs’; see ¶384-100) at the time of the member’s entitlement to the lump sum, assuming that the member is entitled only to the standard lifetime allowance; and

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