PART VMISCELLANEOUS AND GENERAL
Transfer values
Right to guaranteed cash equivalent: supplementary150
1
In paragraph (a) of section 90(1) of the Pension Schemes Act—
a
after “occupational pension scheme” insert “other than a salary related scheme”
, and
b
after “terminates” insert “(whether before or after 1st January 1986)”
.
2
After that paragraph insert—
aa
a member of a salary related occupational pension scheme who has received a statement of entitlement and has made a relevant application within three months beginning with the guarantee date in respect of that statement acquires a right to his guaranteed cash equivalent;
3
After that subsection insert—
1A
For the purposes of subsection (1)(aa), a person's “guaranteed cash equivalent” is the amount stated in the statement of entitlement mentioned in that subsection.
4
In subsection (2) of that section, after the definition of “the applicable rules” insert—
“the guarantee date” has the same meaning as in section 89A(2);
5
After that subsection insert—
3
Regulations may provide that, in prescribed circumstances, subsection (1)(aa) does not apply to members of salary related occupational pension schemes or applies to them with prescribed modifications.