Pension Schemes Act 1993

10 Protected rights and money purchase benefits. E+W+S

(1) Subject to subsections (2) and (3), the protected rights of a member of a pension scheme are his rights to money purchase benefits under the scheme.

(2) If the rules of an occupational pension scheme so provide, a member’s protected rights are—

(a) his rights under the scheme which derive from the payment of minimum payments [F1 and payments under section 42A(3)] together with any payments by the [F2 Secretary of State] [F2 Inland Revenue] to the scheme under section 7 of the M1 Social Security Act 1986 in respect of the member;

(b) any rights of the member to money purchase benefits which derive from protected rights under another occupational pension scheme or under a personal pension scheme which have been the subject of a transfer payment; and

(c) such other rights as may be prescribed.

(3) If the rules of a personal pension scheme so provide, a member’s protected rights are—

(a) his rights under the scheme which derive from any payment of minimum contributions to the scheme; and

(b) any rights of his to money purchase benefits which derive from protected rights under another personal pension scheme or protected rights under an occupational pension scheme which have been the subject of a transfer payment; and

(c) such other rights as may be prescribed.

Textual Amendments

F1 Words in s. 10(2)(a) inserted (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 25; S.I. 1997/664, art. 2(3), Sch. Pt. 2

F2 Words in s. 10(2)(a) substituted (25.2.1999 for specified purposes) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(2)(a), Sch. 1 para. 36; S.I. 1999/527, art. 2(b), Sch. 2 (with arts. 3-6)

Commencement Information

I1 Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2

Marginal Citations

M1 1986 c. 50.