Part IV Protection for Early Leavers

C1C2C3F1CHAPTER 5EARLY 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

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)))

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.