F2PART 4ZATRANSFERS AND CONTRIBUTION REFUNDS

Annotations:
Amendments (Textual)
F2

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)

C1C2C3C4C5C10C7C8C9C6C11F1F3CHAPTER 2EARLY LEAVERS: CASH TRANSFER SUMS AND CONTRIBUTION REFUNDS

Annotations:
Amendments (Textual)
F1

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

F3

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)

Modifications etc. (not altering text)
C2

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)))

C11

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.