# Pension Schemes Act 1993, Section 101AE: Permitted ways of using cash transfer sum


(1) This section applies in relation to a cash transfer sum to which a member of an occupational pension scheme acquires a right under section 101AB.
(2) The ways in which the cash transfer sum may be used are—
(a) for acquiring transfer credits allowed under the rules of another occupational pension scheme—
(i) whose trustees or managers are able and willing to accept the cash transfer sum, and
(ii) which satisfies prescribed requirements,
(b) for acquiring rights allowed under the rules of a personal pension scheme—
(i) whose trustees or managers are able and willing to accept the cash transfer sum, and
(ii) which satisfies prescribed requirements,
(c) for purchasing one or more appropriate annuities,
(d) in such circumstances as may be prescribed, for subscribing to other pension arrangements which satisfy prescribed requirements.
(3) For the purposes of subsection (2), “appropriate annuity” means an annuity which satisfies prescribed requirements and is purchased from an insurer who—
(a) falls within section 19(4)(a),
(b) is chosen by the member, and
(c) is willing to accept payment on account of the member from the trustees or managers of the scheme.

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Source: https://www.legislation.gov.uk/ukpga/1993/48/section/101AE (the official version)
Page: https://openlegislation.uk/pension-schemes-act-1993/section-101AE
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.