Section 97AE Permitted ways of using cash transfer sumC1F1
This section applies in relation to a cash transfer sum to which a member of an occupational pension scheme acquires a right under section 97AB.
The ways in which the cash transfer sum may be used are—
for acquiring transfer credits allowed under the rules of another occupational pension scheme—
whose trustees or managers are able and willing to accept the cash transfer sum, and
which satisfies prescribed requirements,
for acquiring rights allowed under the rules of a personal pension scheme—
whose trustees or managers are able and willing to accept the cash transfer sum, and
which satisfies prescribed requirements,
for purchasing one or more appropriate annuities,
in such circumstances as may be prescribed, for subscribing to other pension arrangements which satisfy prescribed requirements.
For the purposes of subsection (2), “appropriate annuity” means an annuity which satisfies prescribed requirements and is purchased from an insurer who—
falls within section 15(4)(a),
is chosen by the member, and
is willing to accept payment on account of the member from the trustees or managers of the scheme.
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)