# Pensions Act 1995, Paragraph 5

Extent: E+W+S

In section 98 (variation and loss of rights to cash equivalents)—
(a) in subsection (1), after “occupational pension scheme” there is inserted “ other than a salary related scheme ”,
(b) after that subsection there is inserted—
“(1A) Regulations may provide that a member of a salary related occupational pension scheme who continues in employment to which the scheme applies after his pensionable service in that employment terminates—
(a) acquires a right to only part of his guaranteed cash equivalent, or
(b) acquires no right to his guaranteed cash equivalent.”,
(c) in subsection (2), after “(1)” there is inserted “ or (1A) ”, and
(d) in subsection (3)—
(i) in paragraph (a), after “occupational pension scheme” there is inserted “ other than a salary related scheme ”, and
(ii) for paragraph (b) and the “and” immediately preceding it there is substituted—
“or
(aa) by virtue of regulations under subsection (1A) or (2), a member of a salary related occupational pension scheme does not, on such a termination, acquire a right to the whole or any part of his guaranteed cash equivalent,
and his employment terminates at least one year before normal pension age ”.

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Source: https://www.legislation.gov.uk/ukpga/1995/26/schedule/6/paragraph/5 (the official version)
Page: https://openlegislation.uk/pensions-act-1995/schedule-6/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.