Paragraph 7

Not yet in force

(1)

Cash equivalents are to be calculated and verified in the prescribed manner.

(2)

Regulations made under sub-paragraph (1) may, in particular, provide—

(a)

that in calculating cash equivalents account shall be taken—

(i)

of any surrender or forfeiture of the whole or part of a qualifying member’s pension which occurs before the Treasury does what is needed to comply with the choice made by him in exercising his option;

(ii)

in a case where paragraph 6(6) applies, of the need to deduct an appropriate amount to provide a guaranteed minimum pension or give effect to protected rights; and

(b)

that in prescribed circumstances a qualifying member’s cash equivalent shall be increased or reduced.

(3)

Without prejudice to the generality of sub-paragraph (2), the circumstances that may be specified by virtue of paragraph (b) of that sub-paragraph include the length of time which elapses between the termination of a qualifying member’s qualifying service and his exercise of the option conferred by paragraph 6.

Notes on Schedule 1A

Textual amendments

F1: Sch. 1A inserted (prosp.) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), ss. 81, 124, Sch. 13