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Pensions Act 1995

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Pensions Act 1995, Paragraph 5 is up to date with all changes known to be in force on or before 08 December 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

5E+W+SIn section 98 (variation and loss of rights to cash equivalents)—

(a)in subsection (1), after “occupational pension scheme” there is inserted “ other than a salary related scheme ”,

(b)after that subsection there is inserted—

(1A)Regulations may provide that a member of a salary related occupational pension scheme who continues in employment to which the scheme applies after his pensionable service in that employment terminates—

(a)acquires a right to only part of his guaranteed cash equivalent, or

(b)acquires no right to his guaranteed cash equivalent.,

(c)in subsection (2), after “(1)” there is inserted “ or (1A) ”, and

(d)in subsection (3)—

(i)in paragraph (a), after “occupational pension scheme” there is inserted “ other than a salary related scheme ”, and

(ii)for paragraph (b) and the “and” immediately preceding it there is substituted— or

(aa)by virtue of regulations under subsection (1A) or (2), a member of a salary related occupational pension scheme does not, on such a termination, acquire a right to the whole or any part of his guaranteed cash equivalent,

and his employment terminates at least one year before normal pension age .

Commencement Information

I1Sch. 6 para. 5 in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. V

I2Sch. 6 para. 5 in force at 6.4.1997 in so far as not already in force by S.I. 1997/664, art. 2(3), Sch. Pt. 3

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