Paragraph P1 Right to transfer value payment
This Part supplements the rights conferred under Chapter 4 of Part 4 of the Pension Schemes Act 1993 (transfer values).
This Part is without prejudice to that Chapter or Chapter 5 of that Partf1 (early leavers: cash transfer sums and contribution refunds).
Accordingly—
a former participant to whom Chapter 4 of that Part applies (see section 93(1)(a) of that Act) is entitled to require the payment of a transfer value in respect of the rights to benefit that have accrued to or in respect of him under the principal scheme, and
a former participant to whom Chapter 5 of that Part applies (see section 101AA(1) of that Act) is entitled to a cash transfer sum or a contribution refund in accordance with that Chapter.
Subject to the provisions of this Part, any other former participant, other than a pensioner, is entitled to require such a payment as if rights under Chapter 4 of Part 4 of the Pension Schemes Act 1993 had accrued to or in respect of him by reference to his reckonable service (and references in this Part to his accrued rights or benefits are to be read accordingly).
Paragraph (4) does not apply if the former participant is entitled under Part N to repayment of the contributions he has paid during the period of service ending with his ceasing to be a participant or acquires a right to a contribution refund under Chapter 5 of Part 4 of the Pension Schemes Act 1993.
Paragraphs (3) and (4) do not apply to rights that are directly attributable to a pension credit.
Annotations
Footnotes
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Chapter 5 (sections 101AA to 101AI) is inserted by section 264 of the Pensions Act 2004 (c. 35).