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
97AFCalculation of cash transfer sum and contribution refund
1
Cash transfer sums are to be calculated and verified in the prescribed manner.
2
Any calculation of a contribution refund must conform with such requirements as may be prescribed.
3
Regulations may provide—
a
for amounts to be deducted in respect of administrative costs in calculating cash transfer sums;
b
for a cash transfer sum or contribution refund to be increased or reduced in prescribed circumstances.
4
The circumstances that may be prescribed under subsection (3)(b) include in particular—
a
a failure by the trustees or managers of the scheme to comply with section 97AG(2) or (4) in relation to the cash transfer sum or contribution refund, and
b
the state of funding of the scheme.
5
Regulations under subsection (3)(b) may provide—
a
for a cash transfer sum to be reduced so that the member has no right to have any amount paid by way of cash transfer sum in respect of him;
b
for a contribution refund to be reduced so that the member has no right to receive any amount by way of contribution refund under this Chapter.
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