S.L. 123.171 Art. 3Exemption. Cap. 514.

(1) The total amount of capital sum received by way of commutation of pension by a member of a recognised retirement scheme which is exempt from the tax under the provisions of article 12(1)(h) of the Act shall amount to a maximum of thirty percent (30%) of the total pension.

(2) The provisions of sub-rule (1) shall apply irrespective of whether the said capital sum is paid as one lump sum or in a series of tranches within one year from retirement date as prescribed under the Retirement Pensions Act, including any regulations or Pension Rules issued thereunder.