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Article 32 Benefits

Original text. Later amendments are not shown.

(1)

Without prejudice to article 31, the Trustee may, in the circumstances set out in rules, use a member’s pension account in order to provide the benefits described in paragraph (2) (and only those benefits).

(2)

The benefits are—

(a)

where a member is alive–

(i)

the payment to the member of a lump sum or the purchase of a lifetime annuity policy in the name of the member, or both; or

(ii)

the transfer of the cash equivalent of the member’s pension account to another pension scheme, where the member meets the conditions specified in paragraph (3)–

(b)

where a member has died–

(i)

the payment of a lump sum to a person nominated by the member or to the personal representatives of that member;

(ii)

the payment of a lump sum to any one or more of the next of kin of the member;

(iii)

the payment of a charity lump sum death benefit; or

(iv)

the purchase of a dependants’ annuity.

(3)

The specified conditions are those—

(a)

in Great Britain, in regulation 2(2) or (3) of the Transfer Values (Disapplication) Regulations 2010f1; or

(b)

in Northern Ireland, in regulation 2(2) or (3) of the Transfer Values (Disapplication) Regulations (Northern Ireland) 2010f2.

(4)

In this article—

  • “dependants’ annuity” has the same meaning as in paragraph 17 of Schedule 28 to the Finance Act 2004f3;

  • “charity lump sum death benefit” has the same meaning as in paragraph 18 of Schedule 29 to the Finance Act 2004f4;

  • “lifetime annuity” has the same meaning as in paragraph 3 of Schedule 28 to the Finance Act 2004f5; and

  • “next of kin” means—

    1. (a)

      in England and Wales, the persons who would take beneficially on an intestacy under the provisions of Part IV of the Administration of Estates Act 1925f6;

    2. (b)

      in Northern Ireland, the persons who would take beneficially on an intestacy under the provisions of Part II of the Administration of Estates Act (Northern Ireland) 1955f7; and

    3. (c)

      in Scotland, the persons entitled to the moveable estate of the deceased on intestacy.

Annotations

Footnotes

f1

S.I. 2010/6.

f2

S.R. 2010 No.xxxx

f3

2004 c.12; paragraph 17 of Schedule 28 was amended by the Finance Act 2005 (c. 7), Schedule 10, paragraphs 1, 15(1) to (3) and 29(1) and (2).

f4

Paragraph 18 of Schedule 29 was amended by the Finance Act 2007 (c. 11), Schedule 19, paragraphs 1, 16(1) and (2).

f5

Paragraph 3 of Schedule 28 has been amended but not in a way material to this Order.

f6

1925 c.23.

f7

1955 c.24 (N.I.)