Pension Schemes Act 1993, Section 99A is up to date with all changes known to be in force on or before 05 March 2025. 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.
(1)If the trustees receive an application under section 95 relating to money purchase benefits that are collective money purchase benefits—
(a)they must give the member notice in writing of the cash equivalent that relates to those benefits, and
(b)they must not without the written consent of the member enter into an agreement with a third party to use the member's cash equivalent in a way specified in section 95(2) before the end of the period mentioned in subsection (2).
(2)The period referred to in subsection (1)(b) is—
(a)the period of 3 weeks beginning with the day after the day on which the notice is given, or
(b)such other period as may be specified in regulations.
(3)Any action taken in contravention of subsection (1)(b) is void.]
Textual Amendments
F1S. 99A inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 25(5), 131(1)(3)(a); S.I. 2022/721, regs. 1(2), 3(a)
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