RPSM09104940 - Technical Pages: Member benefits: Lump sums: Trivial commutation lump sum: Amount of payment
If the lump sum was paid on or after 6 April 2011 you should first read RPSM09105085.
Level of trivial commutation lump sum that may be paid
The amount of lump sum paid may not necessarily be the same as the value attributed to those benefits, as valued on the nominated date on the prescribed basis. There is no objection to this, provided the benefits are still valued on the prescribed basis for commutation limit purposes (see RPSM09104980 onwards).
Under a money purchase arrangement the payment will be the funds held in that arrangement. However, in a defined benefits arrangement, or where a pension in payment is being commuted, it is for the scheme to attribute a capital value to the pension benefit entitlement being commuted.