Transfer to the retired list required the payment of one final commutation fee. Thereafter, no further subscription fees need to be paid for life. The commutation fee is separate from the annual subscription: a previously paid annual subscription cannot be used as the commutation fee.
The 2014 commutation fee is £205. To avoid paying the annual subscription fee (demand issued in November each year) and the commutation fee at the same time, we permit members to transfer to the retired list between 1 January and 31 March by paying the commutation fee. The position is set out more fully in the example that follows:
Applications for transfer made between 1 January 2014 and 31 March 2014:
Commutation fee of £205 to be paid (in addition the 2013 subscription of £205 must already have been paid. No subscription is payable for 2014). Total payable in 2014 is £205.
Applications for transfer made between 1 April 2014 and 31 December 2014:
Commutation fee of £105 to be paid. The 2014 subscription fee of £205 must also be paid (by 1 January 2014. Total payable in 2014 is £410.