F2PART IVA REQUIREMENTS RELATING TO PENSION CREDIT BENEFIT
C1CHAPTER II TRANSFER VALUES
Pt. 4A Ch. 2 modified (1.4.2009) by Local Government Pension Scheme (Administration) Regulations (Northern Ireland) 2009 (S.R. 2009/33), regs. 1, 94
97F Power to give transfer notice.
1
An eligible member of a qualifying scheme may by notice in writing require the trustees or managers of the scheme to use an amount equal to the cash equivalent of his F4pension credit rights for such one or more of the authorised purposes as he may specify in the notice.
2
In the case of a member of an occupational pension scheme, the authorised purposes are—
a
to acquire rights allowed under the rules of an occupational pension scheme, or personal pension scheme, which is an eligible scheme;
b
to purchase from one or more F1insurer such as are mentioned in section 15(4)(a), chosen by the member and willing to accept payment on account of the member from the trustees or managers, one or more annuities which satisfy the prescribed requirements; and
c
in such circumstances as may be prescribed, to subscribe to other pension arrangements which satisfy prescribed requirements.
3
In the case of a member of a personal pension scheme, the authorised purposes are—
a
to acquire rights allowed under the rules of an occupational pension scheme, or personal pension scheme, which is an eligible scheme; and
b
in such circumstances as may be prescribed, to subscribe to other pension arrangements which satisfy prescribed requirements.
F53A
An eligible member who has pension credit rights in relation to more than one category of benefits under the scheme may exercise the power to give a transfer notice in relation to the pension credit rights in relation to any one or more of those categories.
F64
The cash equivalent for the purposes of subsection (1) shall—
a
in a case where the pension credit rights relate to a category of benefits other than money purchase benefits, be taken to be the amount shown in the relevant statement under section 97H, and
b
in a case where the pension credit rights relate to money purchase benefits, be determined by reference to the date the notice under that subsection is given.
5
The requirements which may be prescribed under subsection (2) or (3) include, in particular, requirements of the Inland Revenue.
6
In subsections (2) and (3), references to an eligible scheme are to a scheme—
a
the trustees or managers of which are able and willing to accept payment in respect of the member’s pension credit rights, and
b
which satisfies the prescribed requirements.
F36A
Regulations may—
a
provide for this Chapter not to apply in relation to a person of a prescribed description;
b
provide for this Chapter not to apply in prescribed circumstances in relation to a member of a prescribed scheme or schemes of a prescribed description;
c
modify the application of this Chapter in relation to a member who has accrued rights to benefits of a prescribed description.
6B
In this Chapter a reference to a “category” of benefits is to one of the following three categories—
a
money purchase benefits;
b
flexible benefits other than money purchase benefits;
c
benefits that are not flexible benefits.
7
In this Chapter, “transfer notice” means a notice under subsection (1).
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