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The practitioner was dealing with a number of aged pension cases where the pension formed part of the estate. Upon obtaining recent quotations, the pension providers had provided current values for the 25% lump sum and annuity quotations, but had warned that 100% of the fund value may be realisable next April in the event that anticipated legislative changes were introduced. Could the trustee exercise their discretion to realise the asset now and how would this be viewed by our Regulatory Committees?

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