Textual Amendments
F1Pt. 4ZA formed from Pt. 4 Chs. 4, 5 (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 4(1)
F2Pt. 4ZA heading inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 4(2)(a) (with s. 87)
Textual Amendments
F3Pt. 4ZA Ch. 1 heading substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 4(2)(b) (with s. 87)
Modifications etc. (not altering text)
C1Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) applied (31.5.1994) by The Railway Pensions (Protection and Designation of Schemes) Order 1994 (S.I. 1994/1432), arts. 1(1), 6(4)
C2Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/432), regs. 1(2), 11 (with reg. 5)
C3Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Police Pensions (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/118), regs. 1(3), 11 (with reg. 5)
C4Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations 2015 (S.I. 2015/370), regs. 1(2), 11 (with reg. 5)
C5Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Judicial Pensions Regulations 2015 (S.I. 2015/182), reg. 1(4), Sch. 3 para. 9 (with regs. 148, 160, Sch. 3 para. 3)
C6Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/146), regs. 1(2), 11 (with reg. 5)
C7Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Armed Forces Pension (Consequential Provisions) Regulations 2015 (S.I. 2015/390), regs. 1(2), 11 (with reg. 5)
C8Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (S.) (1.4.2015) by The Firefighters’ Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/117), regs. 1(3), 11 (with reg. 5)
C9Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/145), regs. 1(2), 11 (with reg. 5)
C10Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/436), regs. 1(2), 11 (with reg. 5)
C11Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Firefighters’ Pension Scheme (Wales) (Consequential Provisions) Regulations 2015 (S.I. 2015/848), regs. 1(2), 11 (with reg. 5)
C12Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Public Service (Civil Servants and Others) Pensions (Consequential and Amendment) Regulations 2015 (S.I. 2015/372), regs. 1(2), 11 (with reg. 5)
C13Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Firefighters’ Pension Scheme (England) (Consequential Provisions) Regulations 2015 (S.I. 2015/319), regs. 1(2), 11 (with reg. 5)
C14Pt. 4ZA Ch. 1 excluded (1.4.2017) by The Judicial Pensions (Fee-Paid Judges) Regulations 2017 (S.I. 2017/522), regs. 1, 71
C15Pt. 4ZA Ch. 1: power to modify conferred (5.9.2018 for specified purposes, 1.10.2018 in so far as not already in force) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 1 para. 1(6)(a); S.I. 2018/965, reg. 2(a)(b)
C16Pt. 4ZA Ch. 1: power to modify conferred (11.2.2021 for specified purposes) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 2 para. 1(6)(a)
[F4(1)A member who has acquired a right to take a cash equivalent under section 94(1) or (2) may exercise the option conferred by section 95(1) in relation to different portions of that cash equivalent in different ways, but a member who exercises that option must do so—
(a)in relation to the whole of that cash equivalent, or
(b)if subsection (2) applies, in relation to the whole of the balance mentioned in subsection (3).]
(2)This subsection applies where—
(a)the trustees or managers—
(i)of an occupational pension scheme F5... , or
(ii)of a personal pension scheme F6... , F7...
F7(iii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
are able or willing to accept a transfer payment only in respect of a member’s rights other than his [F8transferrable rights] to guaranteed minimum pensions, [F9his [F8transferrable rights] so far as attributable to service in contracted-out employment on or after the principal appointed day] F10... ; and
(b)the member has not required the trustees or managers of the scheme from which he is being transferred to use the portion of his cash equivalent which represents those [F8transferrable rights] in any of the ways specified in subsection (2) [F11, subsection (2A)] or, as the case may be, subsection (3) of section 95.
(3)Where subsection (2) applies, this section and sections 94, 95 and 97 are to be construed as conferring on the member an option only in respect of the balance of the cash equivalent to which the member would otherwise be entitled, after deduction of an amount sufficient for the trustees or managers of the scheme from which he is being transferred to meet their liability—
(a)in the case of a transfer from an occupational pension scheme, in respect of the member’s and the member’s [F12widow's, widower’s or surviving civil partner’s (as the case may be)] [F13pensions, being guaranteed minimum pensions or pensions so far as attributable to service in contracted-out employment on or after the principal appointed day] F14...
F15(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F16(4)Where a member of a pension scheme—
(a)is entitled to make an application under section 95(1) in relation to any category of benefits, and
(b)is also entitled to give a transfer notice under section 101F(1) to the trustees or managers of the scheme in relation to benefits in the same category (or would be entitled to do so but for section 101G(2)),
the member may not, if the scheme so provides, make an application under section 95(1) in relation to that category of benefits without also giving a transfer notice under section 101F(1) in relation to that category of benefits.]
Textual Amendments
F4S. 96(1) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 10(2) (with s. 87)
F5Words in s. 96(2)(a)(i) omitted (6.4.2016) by virtue of Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 39
F6Words in s. 96(2)(a)(ii) repealed (6.4.2012 being "the abolition date" for the purposes of s. 15(1) of the amending Act) by Pensions Act 2007 (c. 22), ss. 15(4), 27(7), 30(2)(b), Sch. 4 para. 29, Sch. 7 Pt. 6 (with Sch. 4 Pt. 3); S.I. 2011/1267, art. 2(a)
F7S. 96(2)(a)(iii) and word repealed (11.11.1999 for specified purposes, 25.4.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(5)(a), Sch. 2 para. 3(2)(b), Sch. 13 Pt. I; S.I. 2000/1047, art. 2(2)(b), Sch. Pt. 2
F8Words in s. 96(2)(a)(b) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 10(3) (with s. 87)
F9Words in s. 96(2)(a) inserted (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 63(a); S.I. 1997/664, art. 2(3), Sch. Pt. 2
F10Words in s. 96(2)(a) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No.2) Order 2011 (S.I. 2011/1730), arts. 1(2)(b), 5(14)(a)(i)
F11Words in s. 96(2)(b) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 68(6), 89(3)(b) (with ss. 68(8)(9), 87)
F12Words in s. 96(3)(a) substituted (5.12.2005) by The Civil Partnership (Pensions and Benefit Payments) (Consequential, etc. Provisions) Order 2005 (S.I. 2005/2053), art. 1(3), Sch. para. 13
F13Words in s. 96(3)(a) substituted (6.4.1997) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 5 para. 63(b); S.I. 1997/664, art. 2(3), Sch. Pt. 2
F14Words in s. 96(3)(a) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No.2) Order 2011 (S.I. 2011/1730), arts. 1(2)(b), 5(14)(b)(i)
F15S. 96(3)(b) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No.2) Order 2011 (S.I. 2011/1730), arts. 1(2)(b), 5(14)(b)(ii)
F16S. 96(4) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 10(4) (with s. 87)
Modifications etc. (not altering text)
C17Ss. 93-101 modified (1.4.1998) by The Local Government Pension Scheme (Scotland) Regulations 1998 (S.I. 1998/366), regs. 1, 116-118
C18Ss. 93-98 modified (30.12.2005) by The Occupational Pension Schemes (Cross-border Activities) Regulations 2005 (S.I. 2005/3381), regs. 1, 14, Sch. 2 para. 3
C19S. 96(2)(3) applied (15.7.1994) by The European Parliamentary (United Kingdom Representatives) Pensions (Consolidation and Amendment) Order 1994 (S.I. 1994/1662), arts. 1, 19(3)
Commencement Information
I1Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2