Part IV Protection for Early Leavers
C1C2C3F1CHAPTER 5EARLY LEAVERS: CASH TRANSFER SUMS AND CONTRIBUTION REFUNDS
Pt. 4 Ch. 5: power to modify conferred (1.1.2006) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 20(7)(b) (with art. 285(5)); S.R. 2005/48, art. 2(7), Sch. Pt. 7
Pt. 4 Ch. 5 applied by S.I. 1995/3213 (N.I. 22), art. 73(9) (as substituted (6.4.2005 for specified purposes, 1.1.2006 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), 247 (with art. 285(5)); S.R. 2005/48, art. 2(4)(a)(b), Sch. Pt. 4 (with art. 2(8)(9)))
Pt. 4 Ch. 5 excluded (1.1.2006) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), art. 1(2), Sch. 6 para. 20(1)(c); S.R. 2005/48, art. 2(7), Sch. Pt. 7
97ABRight to cash transfer sum and contribution refund
1
On the termination of his pensionable service, a member of an occupational pension scheme acquires a right to whichever one he elects of the following options—
a
a cash transfer sum;
b
a contribution refund.
2
Subsection (1) is subject to the following provisions of this Chapter.
3
In this Chapter “cash transfer sum” means, in relation to a member of an occupational pension scheme, the cash equivalent, at the date on which his pensionable service terminates, of the benefits mentioned in section 97AA(4)(b).
4
In this Chapter, “contribution refund” means, in relation to a member of an occupational pension scheme, a sum representing the aggregate of—
a
the member's employee contributions to the scheme, and
b
where transfer credits have been allowed to the member under the scheme by virtue of a payment ( “the transfer payment”) made by the trustees or managers of another occupational pension scheme, the member's employee contributions to that other scheme, so far as they—
i
relate to the transfer payment, and
ii
do not, in aggregate, exceed the amount of the transfer payment.
5
In subsection (4), “employee contributions” means, in relation to a member of an occupational pension scheme, contributions made to the scheme by or on behalf of the member on his own account, but does not include—
a
a transfer payment by virtue of which transfer credits have been allowed to the member under the scheme, or
b
any pension credit or amount paid to the scheme which is attributable (directly or indirectly) to a pension credit.
Pt. 4 Ch. 5 inserted (1.1.2006 for specified purposes, 6.4.2006 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), 241 (with art. 285(5)); S.R. 2005/543, art. 2(5), Sch. Pt. 5