Section 101AG Duties of trustees or managers following exercise of rightF1C1
This section applies where a member of an occupational pension scheme has exercised a right under section 101AB in accordance with section 101AD.
Where the member has elected for the cash transfer sum, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to carry out the requirement specified in the member’s notice under section 101AD(2)(b).
When the trustees or managers have done what is needed to carry out that requirement, they are discharged from any obligation—
in respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, and
to make any other payment by way of refund to or in respect of the member of, or in respect of—
the contributions, or any payment, mentioned in section 101AB(4), or
any other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit).
Where the member has elected for the contribution refund, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to secure that the amount of the contribution refund is paid to the member or as he directs.
When the trustees or managers have done what is needed to secure the payment of the contribution refund as mentioned in subsection (4)—
they are discharged from any obligation in respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, and
if they are required under the applicable rules, or determine in accordance with those rules, to make any payment (“the refund payment”) by way of refund to or in respect of the member of, or in respect of—
the contributions, or any payment, mentioned in section 101AB(4), or
any other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit),
the amount of the contribution refund may be set off against the refund payment.
Where the trustees or managers fail to comply with subsection (2) or (4), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
Annotations
Textual amendments
- F1
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) inserted (1.1.2006 for specified purposes, 6.4.2006 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 264, 322(1) (with s. 313); S.I. 2005/3331, art. 2(5)(a)(b), Sch. Pt. 5
Modifications
- C1
Ss. 101AA-101AI modified (30.12.2005) by The Occupational Pension Schemes (Cross-border Activities) Regulations 2005 (S.I. 2005/3381), regs. 1, 14, Sch. 2 para. 3
- C2
S. 101AG(3) modified (1.1.2006) by The Occupational and Personal Pension Schemes (Pension Liberation) Regulations 2005 (S.I. 2005/992), regs. 1(1), 3(3)
Notes on Part 4ZA
Textual amendments
- F1
Pt. 4ZA formed from Pt. 4 Chs. 4, 5 (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 4(1)
- F2
Pt. 4ZA heading inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 4(2)(a) (with s. 87)
Modifications
- C1
Pt. 4ZA: power to modify conferred (29.4.2026 for specified purposes) by Pension Schemes Act 2026 (c. 22), ss. 91(8), 133(1)(7)
Notes on Chapter 2
Textual amendments
- F2
Pt. 4ZA Ch. 2 heading substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 4(2)(c) (with s. 87)
Modifications
- C1
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) modified (1.1.2006) by The Occupational Pension Schemes (Winding up etc.) Regulations 2005 (S.I. 2005/706), regs. 1(2), 5 (with reg. 1(3))
- C2
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) excluded (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 56(1)(c); S.I. 2014/1683, art. 2
- C3
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) modified (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations 2015 (S.I. 2015/370), regs. 1(2), 13 (with reg. 5)
- C4
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) modified (1.4.2015) by The Armed Forces Pension (Consequential Provisions) Regulations 2015 (S.I. 2015/390), regs. 1(2), 13 (with reg. 5)
- C5
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) modified (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/146), regs. 1(2), 13 (with reg. 5)
- C6
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) modified (1.4.2015) by The Judicial Pensions Regulations 2015 (S.I. 2015/182), reg. 1(4), Sch. 3 para. 11 (with regs. 148, 160, Sch. 3 para. 3)
- C7
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) modified (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/436), regs. 1(2), 13 (with reg. 5)
- C8
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) modified (1.4.2015) by The Public Service (Civil Servants and Others) Pensions (Consequential and Amendment) Regulations 2015 (S.I. 2015/372), regs. 1(2), 13 (with reg. 5)
- C9
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) modified (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/432), regs. 1(2), 13 (with reg. 5)
- C10
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) modified (1.4.2015) by The Police Pensions (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/118), regs. 1(2), 13 (with reg. 5)
- C11
Pt. 4ZA Ch. 2 (originally Pt. IV Ch. 5) modified (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/145), regs. 1(2), 13 (with reg. 5)
- C12
Pt. 4ZA Ch. 2: power to modify conferred (5.9.2018 for specified purposes, 1.10.2018 in so far as not already in force) by Pension Schemes Act 2017 (c. 17), s. 44(2), Sch. 1 para. 1(6)(b); S.I. 2018/965, reg. 2(a)(b)
- C13
Pt. 4ZA Ch. 2: power to modify conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 2 para. 1(6)(b); S.I. 2022/721, regs. 1(2), 3(a)