Section 99A Trustees' further duties: collective money purchase benefitsF1

(1)

If the trustees receive an application under section 95 relating to money purchase benefits that are collective money purchase benefits—

(a)

they must give the member notice in writing of the cash equivalent that relates to those benefits, and

(b)

they must not without the written consent of the member enter into an agreement with a third party to use the member's cash equivalent in a way specified in section 95(2) before the end of the period mentioned in subsection (2).

(2)

The period referred to in subsection (1)(b) is—

(a)

the period of 3 weeks beginning with the day after the day on which the notice is given, or

(b)

such other period as may be specified in regulations.

(3)

Any action taken in contravention of subsection (1)(b) is void.

Annotations

Textual amendments

F1: S. 99A 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(5), 131(1)(3)(a); S.I. 2022/721, regs. 1(2), 3(a)

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))