[The Auditors Institute Ltd]

Hello Umesh

Thanks for your question and thanks also to the various contributors for their input.

In particular, I agree with Patrick that where there is a partial commutation of an ABP at any time during an income year that this does not change the calculation of the minimum pension payment for that year.

In contrast, where there is a full commutation of an ABP during an income year, as a broad proposition, with reference to the time of full commutation, the minimum pension payment can be determined with reference to a pro-rated calculation for the number of days in the income year for which the ABP was in existence.

Best regards

The Auditors Institute