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Glossary > C > "Commutation" Definition

Commutation

The giving up of part or the entire pension that would be paid at retirement in exchange for a lump sum. Applied to any exchange of a series of payments to which someone is entitled for a lump sum. In the case of approved pension arrangements the amount that is commutable is strictly limited.

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Commutation - The giving up of part or the entire pension that would be paid at retirement in exchange for a lump sum. Applied to any exchange of a series of payments to which someone is entitled for a lump sum. In the case of approved pension arrangements the amount that is commutable is strictly limited.

Commutation : the giving up of part or the entire pension that would be paid at retirement in exchange for a lump sum. applied to any exchange of a series of payments to which someone is entitled for a lump sum. in the case of approved pension arrangements the amount that is commutable is strictly limited.