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Section 92 Further provisions concerning exercise of option under s. 91.C1C2

Northern Ireland

F1(1)

A member who has acquired a right to take a cash equivalent under section 90(1) or (2) may exercise the option conferred by section 91(1) in relation to different portions of that cash equivalent in different ways, but a member who exercises that option must do so—

(a)

in relation to the whole of that cash equivalent, or

(b)

if subsection (2) applies, in relation to the whole of the balance mentioned in subsection (3).

(2)

This subsection applies where—

(a)

the trustees or managers—

(i)

of an occupational pension scheme F2... , or

(ii)

of a personal pension scheme F3..., F4...

(iii)

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

are able or willing to accept a transfer payment only in respect of a member’s rights other than his F5transferrable rights to guaranteed minimum pensions F6his accrued rights so far as attributable to service in contracted-out employment on or after the principal appointed day F7...; and

(b)

the member has not required the trustees or managers of the scheme from which he is being transferred to use the portion of his cash equivalent which represents those transferrable rights in any of the ways specified in subsection (2) F8, subsection (2A) or, as the case may be, subsection (3) of section 91.

(3)

Where subsection (2) applies this section and sections 90, 91 and 93 are to be construed as conferring on the member an option only in respect of the balance of the cash equivalent to which the member would otherwise be entitled, after deduction of an amount sufficient for the trustees or managers of the scheme from which he is being transferred to meet their liability—

(a)

in the case of a transfer from an occupational pension scheme, in respect of the member’s and the member’s F9widow's, widower’s or surviving civil partner’s (as the case may be) F10pensions, being guaranteed minimum pensions or pensions so far as attributable to service in contracted-out employment on or after the principal appointed day F11... ; F12...

F13(b)

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

F14(4)

Where a member of a pension scheme—

(a)

is entitled to make an application under section 91(1) in relation to any category of benefits, and

(b)

is also entitled to give a transfer notice under section 97F(1) to the trustees or managers of the scheme in relation to benefits in the same category (or would be entitled to do so but for section 97G(2)),

the member may not, if the scheme so provides, make an application under section 91(1) in relation to that category of benefits without also giving a transfer notice under section 97F(1) in relation to that category of benefits.

Annotations

Textual amendments

F1

S. 92(1) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 56(2) (with s. 87)

F2

Words in s. 92(2)(a)(i) omitted (6.4.2016) by virtue of Pensions Act (Northern Ireland) 2015 (c. 5), s. 53(3), Sch. 13 para. 39

F3

Words in s. 92(2)(a)(ii) repealed (6.4.2012) by Pensions Act (Northern Ireland) 2008 (c. 1), ss. 13(4), 21(1), Sch. 4 para. 29, Sch. 6 Pt. 6 (with Sch. 4 Pt. 3); S.R. 2012/115, art. 2

F4

S. 92(2)(a)(iii) and the preceding word “or” ceased to have effect (1.12.1999 for certain purposes only) by S.I. 1999/3147 (N.I. 11), arts. 1(5)(a), 17, Sch. 2 para. 2(2)(b) (with transitional provisions in art. 75(1)(2)) and repealed (25.4.2000) by S. I. 1999/3147, art. 17, Sch. 10 Pt. I; S.R. 2000/133, art. 2(3), Sch. Pt. II

F5

Words in s. 92(2)(a)(b) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 56(3) (with s. 87)

F6

Words in s. 92(2)(a) inserted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 53(a); S.R. 1997/192, art. 2(b)

F7

Words in s. 92(2)(a) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(14)(a)(i)

F8

Words in s. 92(2)(b) inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), ss. 71(6), 89(3)(b) (with ss. 71(8)(9), 87)

F9

Words in s. 92(3)(a) substituted (5.12.2005) by The Civil Partnership (Pensions and Benefit Payments) (Consequential, etc. Provisions) Order (Northern Ireland) 2005 (S.R. 2005/434), art. 1(3), Sch. para. 14

F10

Words in s. 92(3)(a) substituted (6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 147, Sch. 3 para. 53(b); S.R. 1997/192, art. 2(b)

F11

Words in s. 92(3)(a) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(14)(b)(i)

F12

Word in s. 92(3)(a) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(14)(b)(ii)

F13

S. 92(3)(b) omitted (6.4.2012) by virtue of The Pensions (2008 No. 2 Act) (Abolition of Protected Rights) (Consequential Provisions) Order (Northern Ireland) 2012 (S.R. 2012/124), arts. 1(b), 4(14)(b)(iii)

F14

S. 92(4) substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 56(4) (with s. 87)

Modifications

C1

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. 5 para. 1(6)(a); S.R. 2022/197, art. 3(a)

C2

Pt. 4ZA Ch. 1 excluded (1.8.2022) by S.R. 1996/619, reg. 2A (as inserted by The Occupational Pension Schemes (Collective Money Purchase Schemes) (Modifications and Consequential and Miscellaneous Amendments) Regulations (Northern Ireland) 2022 (S.R. 2022/192), regs. 1(1), 3(3))

Notes on Part 4ZA

Textual amendments

F1

Pts. 4, 5 renumbered as Pt. 4ZA Chs. 1, 2 and Pt. 4ZA heading inserted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 50(1)(2)(a) (with s. 87)

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. 50(1)(2)(b) (with s. 87)

Modifications

C1

Pt. 4 Ch. 4 applied (31.5.1994) by S.I. 1994/1432, art. 6(4)

C2

Pt. 4 Ch. 4: power to modify conferred (25.2.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 20(7)(a) (with art. 285(5)); S.R. 2005/48, art. 2(4)(a)(b), Sch. Pt. 4

C3

Pt. 4 Ch. 4 modified (1.4.2009) by Local Government Pension Scheme (Administration) Regulations (Northern Ireland) 2009 (S.R. 2009/33), regs. 1, 74(1)(3)(7)

C4

Pt. 4 Ch. 4 modified (1.4.2015) by The Teachers Pension Scheme (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/170), regs. 1, 10(1)

C5

Pt. 4 Ch. 4 modified (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/156), regs. 1(2), 10(1)

C6

Pt. 4 Ch. 4 modified (1.4.2015) by The Health Service Workers (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/167), regs. 1, 10(1)

C7

Pt. 4 Ch. 4 modified (1.4.2015) by The Judicial Pensions Regulations (Northern Ireland) 2015 (S.R. 2015/76), reg. 1(3), Sch. 3 para. 8(1)

C8

Pt. 4 Ch. 4 modified (1.4.2015) by The Public Service (Civil Servants and Others) Pensions (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/81), regs. 1(1), 10(1)

C9

Pt. 4 Ch. 4 modified (1.4.2015) by The Firefighters Pension Scheme (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/166), regs. 1, 10(1)

C10

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