{ "url": "https://openlegislation.uk/pensions-2012-act-transitional-consequential-and-supplementary-provisions-regulations-northern-ireland-2014/regulation-29", "json_url": "https://openlegislation.uk/pensions-2012-act-transitional-consequential-and-supplementary-provisions-regulations-northern-ireland-2014/regulation-29.json", "legislation": "nisr/2014/204", "legislation_title": "The Pensions (2012 Act) (Transitional, Consequential and Supplementary Provisions) Regulations (Northern Ireland) 2014", "legislation_url": "https://openlegislation.uk/pensions-2012-act-transitional-consequential-and-supplementary-provisions-regulations-northern-ireland-2014", "path": "regulation/29", "kind": "regulation", "number": "29", "heading": "Cash equivalent of cash balance benefits etc treated as money purchase benefits: transitional arrangements", "text": "(1) This regulation applies where—\n(a) a member of an occupational pension scheme has, under the applicable rules, accrued rights to cash balance benefits, a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits) or top-up benefits, and\n(b) the pensionable service of the member has terminated before the appointed day.\n(2) Where the conditions specified in paragraph (3) are met—\n(a) the cash equivalent of the member's benefits specified in paragraph (1)(a) which were treated as money purchase benefits is to be calculated as if those benefits were money purchase benefits;\n(b) the member acquires a right to the cash equivalent of those benefits as if section 90(1)(a) of the 1993 Act (right to cash equivalent) applied;\n(c) a member who acquires a right to a cash equivalent of those benefits in accordance with sub-paragraph (b) may require the trustees or managers of the scheme to use the cash equivalent in any of the ways specified in section 91(2) of the 1993 Act (ways of taking right to cash equivalent);\n(d) an application to use the cash equivalent in accordance with sub-paragraph (c) must be made to the trustees or managers of the scheme in writing and is subject to the provisions of sections 92 to 95 of the 1993 Act, and\n(e) a member may withdraw an application made in accordance with sub-paragraph (d) by giving the trustees or managers of the scheme notice in writing, in accordance with the provisions of section 96 of the 1993 Act (withdrawal of application).\n(3) The conditions specified in this paragraph are that before the appointed day—\n(a) the trustees or managers of the scheme treated benefits specified in paragraph (1)(a) accrued by a member as if they were money purchase benefits;\n(b) the member has made an application to the trustees or managers of the scheme for a written statement of entitlement of the amount of the cash equivalent of those benefits (whether or not the application also relates to other benefits) in accordance with section 89A(1) of the 1993 Act (salary related schemes: right to statement of entitlement), and\n(c) the member has been treated as acquiring a right to the cash equivalent of those benefits in accordance with section 90(1)(a) of the 1993 Act (including in a case where section 90(1)(a) of that Act is modified by regulation 19(2)(b) of the Transfer Values Regulations) (hybrid schemes).\n(4) Where—\n(a) the conditions specified in paragraph (3) are met, and\n(b) the trustees or managers of the scheme have (at any time) used the cash equivalent of those benefits treated as money purchase benefits in any of the ways specified in section 91(2) of the 1993 Act,\nthey are discharged from the obligation to provide the benefits to which that cash equivalent value relates, as if section 95(1) of that Act (trustees' duties after exercise of option) applied.", "extent": null, "status": null, "version": "current", "annotations": [ { "type": "M", "label": "M1", "text": "Section 90(1) was amended by Article 150(1) and (2) of the Pensions (Northern Ireland) Order 1995" }, { "type": "M", "label": "M2", "text": "Section 91(2) was amended by Article 133 of S.I. 2001/3649" }, { "type": "M", "label": "M3", "text": "Section 92 was amended by paragraph 53 of Schedule 3 to the Pensions (Northern Ireland) Order 1995, paragraph 25 of Schedule 9 and Part 1 of Schedule 10 to the Welfare Reform and Pensions (Northern Ireland) Order 1999, Part 6 of Schedule 6 to the Pensions Act (Northern Ireland) 2008, paragraph 14 of the Schedule to S.R. 2005 No. 434 and Article 4 of S.R. 2012 No. 124. Section 93 was amended by paragraph 6 of Schedule 4 to the Pensions (Northern Ireland) Order 1995 and paragraphs 5 and 7 of Schedule 5 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000. Section 94 was amended by paragraph 7 of Schedule 4 to the Pensions (Northern Ireland) Order 1995, paragraph 26 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 and paragraph 5 of Schedule 5 and Part 3 of Schedule 9 to the Child Support, Pensions and Social Security Act (Northern Ireland) 2000. Section 95 was amended by paragraph 8 of Schedule 4 to the Pensions (Northern Ireland) Order 1995, paragraph 10 of Schedule 10 and Schedule 11 to the Pensions (Northern Ireland) Order 2005 and Article 4 of S.R. 2012 No. 124" }, { "type": "M", "label": "M4", "text": "Section 96 was amended by paragraph 27 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999" }, { "type": "M", "label": "M5", "text": "Section 89A was inserted by Article 149 of the Pensions (Northern Ireland) Order 1995 and amended by paragraph 23 of Schedule 9 to the Welfare Reform and Pensions (Northern Ireland) Order 1999" } ], "outstanding_effects": [], "provenance": { "source": "legislation.gov.uk", "source_url": "https://www.legislation.gov.uk/nisr/2014/204/regulation/29", "retrieved_at": "2026-10-29T01:06:02.883085+00:00" }, "licence": "Open Government Licence v3.0", "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/", "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives." }