Part IV Protection for Early Leavers

C1Chapter IV Transfer Values

Annotations:
Modifications etc. (not altering text)
C1

Pt. 4 Ch. 4 applied (31.5.1994) by S.I. 1994/1432, art. 6(4)

90 Right to cash equivalent.

1

Subject to the following provisions of this Chapter—

a

a member of an occupational pension scheme F1other than a salary related scheme acquires a right, when his pensionable service terminates F2(whether before or after 1st January 1986), to the cash equivalent at the relevant date of any benefits which have accrued to or in respect of him under the applicable rules; and

F3aa

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;

b

a member of a personal pension scheme acquires a right to the cash equivalent at the relevant date of any benefits which have accrued to or in respect of him under the rules of the scheme.

F41A

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.

2

In this section—

“the applicable rules” means—

  1. a

    any provision which the rules of the scheme do not contain but which a scheme must contain if it is to conform with the requirements of Chapter I; and

  2. b

    the rules of the scheme, except so far as Chapter II or III overrides them; and

  3. c

    any provision of Chapter II or III which overrides any of the rules of the scheme;

F5“the guarantee date” has the same meaning as in section 89A(2);

  • “the relevant date” means, subject to regulations under section 94(4)—

    1. a

      the date of the relevant application, or

    2. b

      in the case of an occupational pension scheme, if it is later, the termination date;

  • “the relevant application” means any application which the member has made under section 91 and not withdrawn.

F63

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.