Section 101C Basic principle as to pension credit benefit.F1
The normal benefit age in relation to a pension credit benefit for a member of a scheme—
must not be lower than 60, and
must not be higher than the permitted maximum.
The “permitted maximum” is 65 or, if higher, the highest normal pension age for any benefit that is payable under the scheme to or in respect of any of the members by virtue of rights which are not attributable (directly or indirectly) to a pension credit.
A scheme must not provide for payment of pension credit benefit in the form of a lump sum at any time before normal benefit age, except in such circumstances as may be prescribed.
Annotations
Textual amendments
- F1
Pt. 4A inserted (11.11.1999 for specified purposes, 1.12.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), ss. 37, 89(5)(a); S.I. 2000/1047, art. 2(2)(d), Sch. Pt. 4
- F2
S. 101C(1)(1A) substituted for s. 101C(1) (1.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 82(3), 89(2) (with s. 87)