F10PART 4ZATRANSFERS AND CONTRIBUTION REFUNDS

Annotations:
Amendments (Textual)
F10

Pts. 4, 5 renumbered as Pt. 4ZA Chs. 1, 2 and Pt. 4ZA heading inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 50(1)(2)(a) (with s. 87)

C1C2C3C9C6C8C4C5C7F11CHAPTER 1TRANSFER RIGHTS: GENERAL

Annotations:
Amendments (Textual)
F11

Pt. 4ZA Ch. 1 heading substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 50(1)(2)(b) (with s. 87)

Modifications etc. (not altering text)
C1

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

C2

Pt. 4 Ch. 4: power to modify conferred (25.2.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 20(7)(a) (with art. 285(5)); S.R. 2005/48, art. 2(4)(a)(b), Sch. Pt. 4

92 Further provisions concerning exercise of option under s. 91.

F121

A member who has acquired a right to take a cash equivalent under section 90(1) or (2) may exercise the option conferred by section 91(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 which is not a contracted-out scheme, or

ii

of a personal pension scheme F5..., F1...

F1iii

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

are able or willing to accept a transfer payment only in respect of a member’s rights other than his F13transferrable rights to guaranteed minimum pensions F2his accrued rights so far as attributable to service in contracted-out employment on or after the principal appointed dayF6...; 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 F13transferrable rights in any of the ways specified in subsection (2) F14, subsection (2A) or, as the case may be, subsection (3) of section 91.

3

Where subsection (2) applies this section and sections 90, 91 and 93 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 F4widow's, widower’s or surviving civil partner’s (as the case may be)F3pensions, being guaranteed minimum pensions or pensions so far as attributable to service in contracted-out employment on or after the principal appointed dayF7... ; F8...

F9b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F154

Where a member of a pension scheme—

a

is entitled to make an application under section 91(1) in relation to any category of benefits, and

b

is also entitled to give a transfer notice under section 97F(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 97G(2)),

the member may not, if the scheme so provides, make an application under section 91(1) in relation to that category of benefits without also giving a transfer notice under section 97F(1) in relation to that category of benefits.