OpenLegislation

Section 99 Trustees’ duties after exercise of option.I1C1C2C3C4C5

England, Wales and Scotland

C6(1)

Where—

(a)

a member has exercised the option conferred by section 95; and

(b)

the trustees or managers of the scheme have done what is needed to carry out what the member requires,

the trustees or managers shall be discharged from any obligation to provide benefits to which the cash equivalent related except, in such cases as are mentioned in section 96(2), to the extent that an obligation to provide such guaranteed minimum pensions F1... continues to subsist.

F2(2)

Subject to the following provisions of this section, if the trustees or managers of a scheme receive an application under section 95 they must do what is needed to carry out what the member requires—

(a)

in the case of an application that relates to benefits other than money purchase benefits, within 6 months beginning with the guarantee date shown in the relevant statement of entitlement, F3...

(b)

in the case of an application that relates to money purchase benefits F4other than collective money purchase benefits, within 6 months beginning with the date of the application F5, and

(c)

in the case of an application which relates to money purchase benefits that are collective money purchase benefits, within 6 months beginning with the date of the application or such longer period beginning with that date as may be prescribed.

F6(2ZA)

Subsection (2) does not apply if the trustees or managers have been unable to carry out what the member requires because a condition prescribed by regulations under section 95(6ZA) has not been satisfied.

F7(2ZB)

Subsection (2) does not apply if—

(a)

the member was required by section 96(4) to give a transfer notice under section 101F(1) in addition to making an application, and

(b)

the trustees or managers have been unable to carry out what the member required in the transfer notice under section 101F(1) because a condition prescribed by regulations under section 101F(5A) has not been satisfied.

F8(2A)

Subsection (2) does not apply if—

(a)

the trustees or managers have been unable to carry out the check required by section 48 of the Pension Schemes Act 2015 by reason of factors outside their control, or

(b)

the trustees or managers have carried out the check required by section 48 of the Pension Schemes Act 2015 but the check did not confirm that the member had received appropriate independent advice.

(3)

If—

(a)

disciplinary proceedings or proceedings before a court have been begun against a member of an occupational pension scheme F9... ; and

(b)

it appears to the trustees or managers of the scheme that the proceedings may lead to the whole or part of the pension or benefit in lieu of a pension payable to the member or F10his or her surviving spouse or civil partner being forfeited; and

(c)

the date before which they would (apart from this subsection) be obliged under subsection (2) to carry out what the member requires is earlier than the end of the period of 3 months after the conclusion of the disciplinary or court proceedings (including any proceedings on appeal),

then, subject to the following provisions of this section, they must instead do so before the end of that period of 3 months.

F11(3A)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12(4)

The Regulatory Authority may, in prescribed circumstances, F13by direction grant an extension of the period within which the trustees or managers of the scheme are obliged to do what is needed to carry out what a member of the scheme requires.

(4A)

Regulations may make provision F14requiring applications for extensions under subsection (4) to meet prescribed requirements.

F15(4B)

Regulations may extend the period for compliance under subsection (2) or (3) in prescribed circumstances.

F16(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F17(7)

Where the trustees or managers of an occupational pension scheme have not done what is needed to carry out what a member of the scheme requires within six months of the date mentioned in paragraph (a) or (b) of subsection (2)—

(a)

they must, except in prescribed cases, notify the Regulatory Authority of that fact within the prescribed period, and

(b)

section 10 of the Pensions Act 1995 (power of the Regulatory Authority to impose civil penalties) shall apply to any trustee or manager who has failed to take all such steps as are reasonable to ensure that it was so done.

(8)

Regulations may provide that in prescribed circumstances subsection (7) shall not apply in relation to an occupational pension scheme.

Annotations

Textual amendments

F1

Words in s. 99(1) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No.2) Order 2011 (S.I. 2011/1730), arts. 1(2)(b), 5(15)

F2

S. 99(2) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 13(2) (with s. 87)

F3

Word in s. 99(2)(a) omitted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by virtue of Pension Schemes Act 2021 (c. 1), ss. 25(4)(a), 131(1)(3)(a); S.I. 2022/721, regs. 1(2), 3(a)

F4

Words in s. 99(2)(b) inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 25(4)(b), 131(1)(3)(a); S.I. 2022/721, regs. 1(2), 3(a)

F5

S. 99(2)(c) and preceding word inserted (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 25(4)(c), 131(1)(3)(a); S.I. 2022/721, regs. 1(2), 3(a)

F6

S. 99(2ZA) inserted (30.11.2021) by Pension Schemes Act 2021 (c. 1), ss. 125(4), 131(1); S.I. 2021/1236, reg. 2

F7

S. 99(2ZB) inserted (30.11.2021) by Pension Schemes Act 2021 (c. 1), ss. 125(5), 131(1); S.I. 2021/1236, reg. 2

F8

S. 99(2A) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 50(2), 89(3)(b) (with s. 87)

F9

Words in s. 99(3)(a) omitted (6.4.2015) by virtue of Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 13(3) (with s. 87)

F10

Words in s. 99(3)(b) substituted (E.W.) (13.3.2014) by Marriage (Same Sex Couples) Act 2013 (c. 30), s. 21(3), Sch. 7 para. 32; S.I. 2014/93, art. 3(k)(iii); same words substituted (S.) (16.12.2014) by The Marriage and Civil Partnership (Scotland) Act 2014 and Civil Partnership Act 2004 (Consequential Provisions and Modifications) Order 2014 (S.I. 2014/3229), art. 1(2), Sch. 5 para. 11(8)

F11

S. 99(3A) omitted (6.4.2015) by virtue of Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 13(4) (with s. 87)

F12

S. 99(4)(4A) substituted (6.4.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 6 para. 6(c); S.I. 1996/778, art. 2(5)(a), Sch. Pt. V; S.I. 1997/664, art. 2(3), Sch. Pt. II (with art. 5)

F13

Words in s. 99(4) inserted (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 14(a); S.I. 2006/560, art. 2(3), Sch. Pt. 3

F14

Words in s. 99(4A) substituted (6.4.2006) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 12 para. 14(b); S.I. 2006/560, art. 2(3), Sch. Pt. 3

F15

S. 99(4B) inserted (3.3.2015 for specified purposes, 6.4.2015 in so far as not already in force) by Pension Schemes Act 2015 (c. 8), s. 89(1)(b)(3)(b), Sch. 4 para. 13(5) (with s. 87)

F16

S. 99(6) repealed (6.4.2005) by Pensions Act 2004 (c. 35), s. 322(1), Sch. 13; S.I. 2005/695, art. 2(7), Sch. 1

F17

S. 99(7)(8) added (6.4.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), s. 180(1), Sch. 6 para. 6(e); S.I. 1996/778, art. 2(5)(a), Sch. Pt. V; S.I. 1997/664, art. 2(3), Sch. Pt. II (with art. 5)

Modifications

C1

Ss. 93-101 modified (1.4.1998) by The Local Government Pension Scheme (Scotland) Regulations 1998 (S.I. 1998/366), regs. 1, 116-118

C2

S. 99 modified (30.12.2005) by The Occupational Pension Schemes (Cross-border Activities) Regulations 2005 (S.I. 2005/3381), regs. 1, 14, Sch. 2 paras. 3, 4

C3

S. 99 modified (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 24(1)

C4

S. 99 modified (1.8.2022) by The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 (S.I. 2022/255), regs. 1(3), 33

C5

S. 99 modified (31.7.2026) by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313), regs. 1(3), 56

C6

S. 99(1) modified (27.4.2005) by The Occupational and Personal Pension Schemes (Pension Liberation) Regulations 2005 (S.I. 2005/992), regs. 1(1), 3(1)

Commencement

I1

Ss. 1-187 in force at 7.2.1994 by S.I. 1994/86, art. 2

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 1

Textual amendments

F1

Pt. 4ZA Ch. 1 heading substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 4(2)(b) (with s. 87)

Modifications

C1

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) applied (31.5.1994) by The Railway Pensions (Protection and Designation of Schemes) Order 1994 (S.I. 1994/1432), arts. 1(1), 6(4)

C2

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/432), regs. 1(2), 11 (with reg. 5)

C3

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Police Pensions (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/118), regs. 1(3), 11 (with reg. 5)

C4

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations 2015 (S.I. 2015/370), regs. 1(2), 11 (with reg. 5)

C5

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Judicial Pensions Regulations 2015 (S.I. 2015/182), reg. 1(4), Sch. 3 para. 9 (with regs. 148, 160, Sch. 3 para. 3)

C6

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/146), regs. 1(2), 11 (with reg. 5)

C7

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Armed Forces Pension (Consequential Provisions) Regulations 2015 (S.I. 2015/390), regs. 1(2), 11 (with reg. 5)

C8

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (S.) (1.4.2015) by The Firefighters’ Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/117), regs. 1(3), 11 (with reg. 5)

C9

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The National Health Service Pension Scheme (Consequential Provisions) (Scotland) Regulations 2015 (S.S.I. 2015/145), regs. 1(2), 11 (with reg. 5)

C10

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Teachers’ Pension Scheme (Consequential Provisions) Regulations 2015 (S.I. 2015/436), regs. 1(2), 11 (with reg. 5)

C11

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Firefighters’ Pension Scheme (Wales) (Consequential Provisions) Regulations 2015 (S.I. 2015/848), regs. 1(2), 11 (with reg. 5)

C12

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) 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), 11 (with reg. 5)

C13

Pt. 4ZA Ch. 1 (originally Pt. IV Ch. IV) modified (1.4.2015) by The Firefighters’ Pension Scheme (England) (Consequential Provisions) Regulations 2015 (S.I. 2015/319), regs. 1(2), 11 (with reg. 5)

C14

Pt. 4ZA Ch. 1 excluded (1.4.2017) by The Judicial Pensions (Fee-Paid Judges) Regulations 2017 (S.I. 2017/522), regs. 1, 71

C15

Pt. 4ZA Ch. 1: 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)(a); S.I. 2018/965, reg. 2(a)(b)

C16

Pt. 4ZA Ch. 1: 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)(a); S.I. 2022/721, regs. 1(2), 3(a)

C17

Pt. 4ZA Ch. 1 excluded by The Occupational Pension Schemes (Transfer Values) Regulations 1996 (S.I. 1996/1847), reg. 2A (as inserted (1.8.2022) by S.I. 2022/337, regs. 1(3), 3(3))