Pension Schemes (Northern Ireland) Act 1993

[F1 94 Loss of right to cash equivalent N.I.

(1) A member of a pension scheme who acquires the right to take a cash equivalent under section 90(1) loses that right if no application to take the cash equivalent is made within the period required by section 91(1A) or (6A).

(2) A member of a pension scheme loses the right to take a cash equivalent in accordance with this Chapter if, after the member makes an application under section 91, the duty of the trustees or managers to do what is needed to carry out what the member requires is extinguished by section [F2 95(2ZA) or (2A)].

(3) Nothing in subsection (1) or (2) prevents the member from later acquiring a new right to take a cash equivalent in relation to the same benefits.

(4) A member of a pension scheme loses the right to take a cash equivalent in accordance with this Chapter if the scheme is wound up.]

Textual Amendments

F1 S. 94 substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 58 (with s. 87)

F2 Words in s. 94(2) substituted (30.11.2021) by Pension Schemes Act 2021 (c. 1), s. 131(2)(d)(3)(c), Sch. 11 para. 13(3); S.R. 2021/300, art. 2(b)

Modifications etc. (not altering text)

C1 Pt. 4ZA Ch. 1: power to modify conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 5 para. 1(6)(a); S.R. 2022/197, art. 3(a)

C2 Pt. 4ZA Ch. 1 excluded (1.8.2022) by S.R. 1996/619, reg. 2A (as inserted by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2022 (S.R. 2022/192), regs. 1(1), 3(3))