F2PART 4ZATRANSFERS AND CONTRIBUTION REFUNDS
C1C2C3C4C5C10C7C8C9C6C11F1F3CHAPTER 2EARLY LEAVERS: CASH TRANSFER SUMS AND CONTRIBUTION REFUNDS
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
Pt. 4ZA Ch. 2 heading substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 50(1)(2)(c) (with s. 87)
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
Pt. 4 Ch. 5 modified (1.4.2009) by Local Government Pension Scheme (Administration) Regulations (Northern Ireland) 2009 (S.R. 2009/33), regs. 1, 74(1)(3)(7)
Pt. 4 Ch. 5 excluded (24.7.2014) by The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/204), regs. 1(1), 55(1)(c)
Pt. 4 Ch. 5 modified (1.4.2015) by The Teachers Pension Scheme (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/170), regs. 1, 12(1)
Pt. 4 Ch. 5 modified (1.4.2015) by The Public Service (Civil Servants and Others) Pensions (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/81), regs. 1(1), 12(1)
Pt. 4 Ch. 5 modified (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/156), regs. 1(2), 12(1)
Pt. 4 Ch. 5 modified (1.4.2015) by The Health Service Workers (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/167), regs. 1, 12(1)
Pt. 4 Ch. 5 modified (1.4.2015) by The Judicial Pensions Regulations (Northern Ireland) 2015 (S.R. 2015/76), reg. 1(3), Sch. 3 para. 10(1)
Pt. 4ZA Ch. 2: power to modify conferred (11.2.2021 for specified purposes) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 5 para. 1(6)(b)
97AEPermitted ways of using cash transfer sum
1
This section applies in relation to a cash transfer sum to which a member of an occupational pension scheme acquires a right under section 97AB.
2
The ways in which the cash transfer sum may be used are—
a
for acquiring transfer credits allowed under the rules of another occupational pension scheme—
i
whose trustees or managers are able and willing to accept the cash transfer sum, and
ii
which satisfies prescribed requirements,
b
for acquiring rights allowed under the rules of a personal pension scheme—
i
whose trustees or managers are able and willing to accept the cash transfer sum, and
ii
which satisfies prescribed requirements,
c
for purchasing one or more appropriate annuities,
d
in such circumstances as may be prescribed, for subscribing to other pension arrangements which satisfy prescribed requirements.
3
For the purposes of subsection (2), “appropriate annuity” means an annuity which satisfies prescribed requirements and is purchased from an insurer who—
a
falls within section 15(4)(a),
b
is chosen by the member, and
c
is willing to accept payment on account of the member from the trustees or managers of the scheme.
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)