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Pension Schemes (Northern Ireland) Act 1993

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Changes over time for: Section 69

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Version Superseded: 01/12/1999

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Point in time view as at 16/12/1995. This version of this provision has been superseded. Help about Status

Changes to legislation:

Pension Schemes (Northern Ireland) Act 1993, Section 69 is up to date with all changes known to be in force on or before 20 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

69 Form of short service benefit and its alternatives.N.I.

(1)Subject to subsection (2) and section 77, a member’s short service benefit must be—

(a)payable directly out of the resources of the scheme; or

(b)assured to him by such means as may be prescribed.

(2)Subject to subsections (3) to (5), a scheme may, instead of providing short service benefit, provide—

(a)for the member’s accrued rights (including any transfer credits allowed under the scheme)—

(i)to be transferred to another occupational pension scheme with a view to acquiring transfer credits for the member under the other scheme, or

(ii)to be transferred to a personal pension scheme or a self-employed pension arrangement with a view to acquiring rights for the member under the rules of the scheme or arrangement; or

(b)for such alternatives to short service benefit as may be prescribed.

(3)The option conferred by subsection (2)(a) is additional to any obligation imposed by Chapter IV of this Part.

(4)The alternatives specified in subsection (2)(a) and (b) may only be by way of complete or partial substitute for short service benefit—

(a)if the member consents; or

(b)in such other cases as may be prescribed.

(5)An alternative prescribed under subsection (2)(b) may only include payment by way of return of contributions—

(a)if they relate to a period of service before 6th April 1975; or

(b)if there has been such a payment relating to a period of service before that date and the contributions relate to a period of service of less than 5 years after that date.

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