F1PART IVA REQUIREMENTS RELATING TO PENSION CREDIT BENEFIT

Annotations:
Amendments (Textual)
F1

Pt. 4A Chapters 1, 2 (ss. 97A-97Q) inserted (1.12.1999 for certain purposes and otherwise 1.12.2000) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 34; S.R. 2000/133, art. 2(3), Sch. Pt. IV

CHAPTER I PENSION CREDIT BENEFIT UNDER OCCUPATIONAL SCHEMES

97E Discharge of liability where pension credit or alternative benefits secured by insurance policies or annuity contracts.

1

A transaction to which section 15 applies discharges the trustees or managers of a scheme from their liability to provide pension credit benefit or any alternative to pension credit benefit for or in respect of a member of the scheme if and to the extent that—

a

it results in pension credit benefit, or any alternative to pension credit benefit, for or in respect of the member being appropriately secured (within the meaning of that section),

b

the transaction is entered into with the consent of the member or, if the member has died, of the member’s widow or widower, and

c

such requirements as may be prescribed are met.

2

Regulations may provide that subsection (1)(b) shall not apply in prescribed circumstances.