Section 73 Form of short service benefit and its alternatives.I1C1
Subject to subsection (2) and section 81, a member’s short service benefit must be—
payable directly out of the resources of the scheme; or
assured to him by such means as may be prescribed.
Subject to subsections (3) to (5), a scheme may, instead of providing short service benefit, provide—
for the member’s accrued rights (including any transfer credits allowed under the scheme)—
to be transferred to another occupational pension scheme with a view to acquiring transfer credits for the member under the other scheme, or
to be transferred to a personal pension scheme F1... with a view to acquiring rights for the member under the rules of the scheme ...; or
for such alternatives to short service benefit as may be prescribed.
The option conferred by subsection (2)(a) is additional to any obligation imposed by F2Chapter 1 of Part 4ZA.
The alternatives specified in subsection (2)(a) and (b) may only be by way of complete or partial substitute for short service benefit—
if the member consents; or
in such other cases as may be prescribed.
An alternative prescribed under subsection (2)(b) may only include payment by way of return of contributions—
if they relate to a period of service before 6th April 1975; or
if there has been such a payment relating to a period of service before that date and the contributions relate to a period of service of less than 5 years after that date.
Annotations
Textual amendments
- F1
Words in s. 73(2)(a)(ii) repealed (11.11.1999 for specified purposes, 25.4.2000 in so far as not already in force) by Welfare Reform and Pensions Act 1999 (c. 30), s. 89(5)(a), Sch. 2 para. 3(2)(a), Sch. 13 Pt. I; S.I. 2000/1047, art. 2(2)(b), Sch. Pt. 2
- F2
Words in s. 73(3) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 7 (with s. 87)
Modifications
- C1
Ss. 69-76 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
Commencement
- I1
Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2
Notes on Chapter I
Modifications
- C1
Pt. 4 Ch. 1 modified (1.4.2015) by The Judicial Pensions Regulations 2015 (S.I. 2015/182), reg. 1(4), Sch. 3 para. 5 (with regs. 148, 160, Sch. 3 para. 3)
- C2
Pt. 4 Ch. 1 modified (S.) (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/146), regs. 1(2), 7 (with reg. 5)
- C3
Pt. 4 Ch. 1 modified (1.4.2015) by The Firefighters’ Pension Scheme (England) (Consequential Provisions) Regulations 2015 (S.I. 2015/319), regs. 1(2), 7 (with reg. 5)
- C4
Pt. 4 Ch. 1 modified (1.4.2015) by The Armed Forces Pension (Consequential Provisions) Regulations 2015 (S.I. 2015/390), regs. 1(2), 7 (with reg. 5)
- C5
Pt. 4 Ch. 1 modified (S.) (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/145), regs. 1(2), 7 (with reg. 5)
- C6
Pt. 4 Ch. 1 modified (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations 2015 (S.I. 2015/370), regs. 1(2), 7 (with reg. 5)
- C7
Pt. 4 Ch. 1 modified (S.) (1.4.2015) by The Police Pensions (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/118), regs. 1(2), 7 (with reg. 5)
- C8
Pt. 4 Ch. 1 modified (S.) (1.4.2015) by The Firefighters’ Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/117), regs. 1(2), 7 (with reg. 5)
- C9
Pt. 4 Ch. 1 modified (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/436), regs. 1(2), 7 (with reg. 5)
- C10
Pt. 4 Ch. 1 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), 7 (with reg. 5)
- C11
Pt. 4 Ch. 1 modified (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/432), regs. 1(2), 7
- C12
Pt. 4 Ch. 1 modified (W.) (1.4.2015) by The Firefighters’ Pension Scheme (Wales) (Consequential Provisions) Regulations 2015 (S.I. 2015/848), regs. 1(2), 7 (with reg. 5)
- C13
Pt. 4 Ch. 1 modified (1.4.2022) by The Judicial Pensions Regulations 2022 (S.I. 2022/319), reg. 1(4), Sch. 3 para. 2 (with reg. 120, Sch. 3 para. 1)