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Pension Schemes Act 2015
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- UK Public General Acts
- 2015 c. 8
- SCHEDULE 4
- PART 1
- Paragraph 12
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Pension Schemes Act 1993 (c. 48)
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12For section 98 substitute—
“98Loss of right to cash equivalent
(1)A member of a pension scheme who acquires the right to take a cash equivalent under section 94(1) loses that right if no application to take the cash equivalent is made within the period required by section 95(1A) or (6A).
(2)A member of a pension scheme loses the right to take a cash equivalent in accordance with this Chapter if, after the member makes an application under section 95, the duty of the trustees or managers to do what is needed to carry out what the member requires is extinguished by section 99(2A).
(3)Nothing in subsection (1) or (2) prevents the member from later acquiring a new right to take a cash equivalent in relation to the same benefits.
(4)A member of a pension scheme loses the right to take a cash equivalent in accordance with this Chapter if the scheme is wound up.”
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