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Pension Schemes (Northern Ireland) Act 1993

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Changes over time for: Section 97AC

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Point in time view as at 06/04/2009.

Changes to legislation:

Pension Schemes (Northern Ireland) Act 1993, Section 97AC is up to date with all changes known to be in force on or before 27 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F197ACNotification of right to cash transfer sum or contribution refundN.I.

(1)This section applies where the pensionable service of a member of an occupational pension scheme has terminated.

(2)The trustees or managers of the scheme must—

(a)within a reasonable period after the termination give the member a statement in writing containing information adequate to explain—

(i)the nature of the right acquired by him under section 97AB, and

(ii)how he may exercise the right,

and such other information as may be prescribed, and

(b)afford the member a reasonable period after giving him that statement within which to exercise the right.

(3)The statement given under subsection (2)(a) must specify, in particular—

(a)in relation to the cash transfer sum to which the member acquires a right under section 97AB, its amount and the permitted ways in which the member can use it,

(b)the amount of the contribution refund to which the member so acquires a right, and

(c)the last day on which the member may, disregarding section 97AI(2), exercise the right ( “the reply date”).

(4)Information which may be prescribed under subsection (2)(a) includes, in particular—

(a)information about any tax liability in respect of, or deduction required or permitted to be made from, the cash transfer sum or contribution refund, and

(b)information about the effect on other rights of the member (whether under the applicable rules or otherwise) of exercising the right.

(5)The trustees or managers may notify the member that, if he does not exercise the right mentioned in subsection (2)(a)(i) on or before the reply date, the trustees or managers will be entitled to pay the contribution refund to him.

(6)Where the trustees or managers of the scheme fail to comply with subsection (2), Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.]

Textual Amendments

F1Pt. 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

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