- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol). This item of legislation is currently only available in its original format.
F1.—(1) Subject to paragraphs (2) to (7), a transfer value shall be paid in respect of a person who has ceased to be in pensionable employment and has become subject to an approved superannuation scheme or, if he ceased to be in pensionable employment after 31st December 1985, a personal pension scheme (“the receiving scheme”).
(2) The person shall have made a written application to the Department, within 12 months after the day on which he became subject to the receiving scheme, for the transfer value to be paid.
(3) A transfer value shall not be paid if one was paid before 2nd November 1998 in relation to the same transfer.
(4) A transfer value shall not be paid in respect of a person who, when the application was received, had become entitled under regulation E4 to payment of retirement benefits or under regulation E16 or E17 respectively to a short service annuity or incapacity grant, unless the employment in which he has become subject to the receiving scheme is comparable service and he entered it—
(a)immediately after ceasing to be in pensionable employment; or
(b)on or before his 60th birthday,
and has not applied for payment of any benefit.
(5) A transfer value shall not be paid if the receiving scheme is an approved superannuation scheme which is administered wholly or primarily in the United Kingdom and is not a contracted-out scheme, unless the person—
(a)has been in pensionable employment for less than 2 years or is not qualified for retirement benefits; or
(b)ceased to be in pensionable employment before 6th April 1978; or
(c)is a married woman or widow who, by virtue of an election made or treated as made under regulations under section 19(4) of the Social Security Contributions and Benefits (Northern Ireland) Act 1992(1), either is liable to pay primary Class 1 contributions or Class 2 contributions at a reduced rate or is under no liability to pay Class 2 contributions.
(6) A transfer value shall not be paid if the person has acquired a right to a cash equivalent, unless—
(a)the service to which the cash equivalent relates includes service before 1st March 1989; and
(b)the right has been exercised by requiring the whole of the cash equivalent to be paid to the scheme managers of an approved superannuation scheme which is not a club scheme.
(7) A transfer value shall not be paid if the person—
(a)has acquired a right to a part cash equivalent; and
(b)would on taking that right remain qualified for retirement benefits.
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