Part IVProtection for Early Leavers

IVTransfer Values

90Right to cash equivalent

1

Subject to the following provisions of this Chapter—

a

a member of an occupational pension scheme acquires a right, when his pensionable service terminates, 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

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.

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;

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  • “the relevant application” means any application which the member has made under section 91 and not withdrawn.