Section 97AB Right to cash transfer sum and contribution refundC1F1
On the termination of his pensionable service, a member of an occupational pension scheme acquires a right to whichever one he elects of the following options—
a cash transfer sum;
a contribution refund.
Subsection (1) is subject to the following provisions of this Chapter.
In this Chapter “cash transfer sum” means, in relation to a member of an occupational pension scheme, the cash equivalent, at the date on which his pensionable service terminates, of the benefits mentioned in section 97AA(4)(b).
In this Chapter, “contribution refund” means, in relation to a member of an occupational pension scheme, a sum representing the aggregate of—
the member's employee contributions to the scheme, and
where transfer credits have been allowed to the member under the scheme by virtue of a payment ( “the transfer payment”) made by the trustees or managers of another occupational pension scheme, the member's employee contributions to that other scheme, so far as they—
relate to the transfer payment, and
do not, in aggregate, exceed the amount of the transfer payment.
In subsection (4), “employee contributions” means, in relation to a member of an occupational pension scheme, contributions made to the scheme by or on behalf of the member on his own account, but does not include—
a transfer payment by virtue of which transfer credits have been allowed to the member under the scheme, or
any pension credit or amount paid to the scheme which is attributable (directly or indirectly) to a pension credit.
Annotations
Textual amendments
- F1
Pt. 4 Ch. 5 inserted (1.1.2006 for specified purposes, 6.4.2006 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), 241 (with art. 285(5)); S.R. 2005/543, art. 2(5), Sch. Pt. 5
Modifications
- C1
Pt. 4ZA Ch. 2: 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)(b); S.R. 2022/197, art. 3(a)
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 2
Textual amendments
- F2
Pt. 4ZA Ch. 2 heading substituted (6.4.2015) by Pension Schemes Act 2015 (c. 8), s. 89(3)(b), Sch. 4 para. 50(1)(2)(c) (with s. 87)
Modifications
- C1
Pt. 4 Ch. 5: power to modify conferred (1.1.2006) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 20(7)(b) (with art. 285(5)); S.R. 2005/48, art. 2(7), Sch. Pt. 7
- C2
Pt. 4 Ch. 5 applied by S.I. 1995/3213 (N.I. 22), art. 73(9) (as substituted (6.4.2005 for specified purposes, 1.1.2006 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), 247 (with art. 285(5)); S.R. 2005/48, art. 2(4)(a)(b), Sch. Pt. 4 (with art. 2(8)(9)))
- C3
Pt. 4 Ch. 5 excluded (1.1.2006) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), art. 1(2), Sch. 6 para. 20(1)(c); S.R. 2005/48, art. 2(7), Sch. Pt. 7
- C4
Pt. 4 Ch. 5 modified (1.4.2009) by Local Government Pension Scheme (Administration) Regulations (Northern Ireland) 2009 (S.R. 2009/33), regs. 1, 74(1)(3)(7)
- C5
Pt. 4 Ch. 5 excluded (24.7.2014) by The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/204), regs. 1(1), 55(1)(c)
- C6
Pt. 4 Ch. 5 modified (1.4.2015) by The Teachers Pension Scheme (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/170), regs. 1, 12(1)
- C7
Pt. 4 Ch. 5 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), 12(1)
- C8
Pt. 4 Ch. 5 modified (1.4.2015) by The Police Pensions (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/156), regs. 1(2), 12(1)
- C9
Pt. 4 Ch. 5 modified (1.4.2015) by The Health Service Workers (Consequential Provisions) Regulations (Northern Ireland) 2015 (S.R. 2015/167), regs. 1, 12(1)
- C10
Pt. 4 Ch. 5 modified (1.4.2015) by The Judicial Pensions Regulations (Northern Ireland) 2015 (S.R. 2015/76), reg. 1(3), Sch. 3 para. 10(1)