- Latest available (Revised)
- Point in Time (03/03/2015)
- Original (As enacted)
Version Superseded: 06/04/2015
Point in time view as at 03/03/2015. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Pension Schemes Act 1993, Section 101F is up to date with all changes known to be in force on or before 17 August 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
(1)An eligible member of a qualifying scheme may by notice in writing require the trustees or managers of the scheme to use an amount equal to the cash equivalent of his pension credit benefit for such one or more of the authorised purposes as he may specify in the notice.
(2)In the case of a member of an occupational pension scheme, the authorised purposes are—
(a)to acquire rights allowed under the rules of an occupational pension scheme, or personal pension scheme, which is an eligible scheme,
(b)to purchase from one or more [F2insurers] such as are mentioned in section 19(4)(a), chosen by the member and willing to accept payment on account of the member from the trustees or managers, one or more annuities which satisfy the prescribed requirements, and
(c)in such circumstances as may be prescribed, to subscribe to other pension arrangements which satisfy prescribed requirements.
(3)In the case of a member of a personal pension scheme, the authorised purposes are—
(a)to acquire rights allowed under the rules of an occupational pension scheme, or personal pension scheme, which is an eligible scheme, and
(b)in such circumstances as may be prescribed, to subscribe to other pension arrangements which satisfy prescribed requirements.
(4)The cash equivalent for the purposes of subsection (1) shall—
(a)in the case of a salary related occupational pension scheme, be taken to be the amount shown in the relevant statement under section 101H, and
(b)in any other case, be determined by reference to the date the notice under that subsection is given.
(5)The requirements which may be prescribed under subsection (2) or (3) include, in particular, requirements of the Inland Revenue.
(6)In subsections (2) and (3), references to an eligible scheme are to a scheme—
(a)the trustees or managers of which are able and willing to accept payment in respect of the member’s pension credit rights, and
(b)which satisfies the prescribed requirements.
[F3(6A)[F4Regulations may provide for this Chapter not to apply in prescribed circumstances in relation to a member of a prescribed scheme or schemes of a prescribed description.]]
[F4Regulations may—
(a)provide for this Chapter not to apply in relation to a person of a prescribed description;
(b)provide for this Chapter not to apply in prescribed circumstances in relation to a member of a prescribed scheme or schemes of a prescribed description;
(c)modify the application of this Chapter in relation to a member who has accrued rights to benefits of a prescribed description.
(6B)In this Chapter a reference to a “category” of benefits is to one of the following three categories—
(a)money purchase benefits;
(b)flexible benefits other than money purchase benefits;
(c)benefits that are not flexible benefits.]
(7)In this Chapter, “transfer notice” means a notice under subsection (1).]
Textual Amendments
F1Pt. 4A inserted (11.11.1999 for specified purposes, 1.12.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), ss. 37, 89(5)(a); S.I. 2000/1047, art. 2(2)(d), Sch. Pt. 4
F2Word in s. 101F(2)(b) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 122
F3S. 101F(6A) inserted (26.11.2008) by Pensions Act 2008 (c. 30), ss. 134(3), 149(2)
F4S. 101F(6A)(6B) substituted for s. 101F(6A) (3.3.2015 for specified purposes) by Pension Schemes Act 2015 (c. 8), s. 89(1)(b)(3)(b), Sch. 4 para. 15(5) (with s. 87)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: