[F197ABRight to cash transfer sum and contribution refundN.I.
(1)On the termination of his pensionable service, a member of an occupational pension scheme acquires a right to whichever one he elects of the following options—
(a)a cash transfer sum;
(b)a contribution refund.
(2)Subsection (1) is subject to the following provisions of this Chapter.
(3)In this Chapter “cash transfer sum” means, in relation to a member of an occupational pension scheme, the cash equivalent, at the date on which his pensionable service terminates, of the benefits mentioned in section 97AA(4)(b).
(4)In this Chapter, “contribution refund” means, in relation to a member of an occupational pension scheme, a sum representing the aggregate of—
(a)the member's employee contributions to the scheme, and
(b)where transfer credits have been allowed to the member under the scheme by virtue of a payment ( “the transfer payment”) made by the trustees or managers of another occupational pension scheme, the member's employee contributions to that other scheme, so far as they—
(i)relate to the transfer payment, and
(ii)do not, in aggregate, exceed the amount of the transfer payment.
(5)In subsection (4), “employee contributions” means, in relation to a member of an occupational pension scheme, contributions made to the scheme by or on behalf of the member on his own account, but does not include—
(a)a transfer payment by virtue of which transfer credits have been allowed to the member under the scheme, or
(b)any pension credit or amount paid to the scheme which is attributable (directly or indirectly) to a pension credit.]
Textual Amendments
F1Pt. 4 Ch. 5 inserted (1.1.2006 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 241 (with art. 285(5)); S.R. 2005/543, art. 2(5), Sch. Pt. 5