Swapping/exchanging part of your future pension income for a lump sum (or bigger lump sum if you have an automatic lump sum) – every £12 of lump sum costs £1 of future pension income
Commutation
Swapping/exchanging part of your future pension income for a lump sum (or bigger lump sum if you have an automatic lump sum) – every £12 of lump sum costs £1 of future pension income