# Social Security Pensions Act 1975, Paragraph 12

Extent: E+W+S

(1) Subject to the following provisions of this Schedule, a member acquires a right, when his pensionable service terminates, to the cash equivalent at the relevant date of any benefits—
(a) which have accrued to or in respect of him under the applicable rules; . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) In this paragraph “the applicable rules” means—
(a) the rules of the scheme, except so far as—
(i) section 41A or 41B above; or
(ii) Part I of this Schedule,
overrides them; and
(b) any provision which the rules of the scheme do not contain but which a scheme must contain if it is to conform with the preservation requirements; and
(c) any provision—
(i) of section 41A or 41B above; or
(ii) of Part I of this Schedule,
which overrides any of the rules of the scheme;
“the relevant date” means , subject to regulations under sub-paragraph (2C) below, the date when the member’s pensionable service terminates or the date of the relevant application, whichever is the later; and
“the relevant application” means any application which the member has made under paragraph 16 below and which he has not withdrawn.
(2A) Where a member continues in employment to which a scheme applies after his pensionable service in that employment terminates—
(a) if regulations so provide, he only acquires a right to the cash equivalent of such part of the benefits specified in sub-paragraph (1) above as may be prescribed; and
(b) if regulations so provide, he acquires no right to a cash equivalent.
(2B) Regulations may provide for the purposes of sub-paragraph (2A) above that in prescribed circumstances a number of employments (whether or not consecutive) shall be treated as a single employment.
(2C) Regulations—
(a) may provide that a right at the relevant date to the cash equivalent of any part of the benefits specified in sub-paragraph (1) above which but for regulations under the foregoing provisions of this paragraph a member would have on the termination of his pensionable service in an employment to which a scheme applies shall, if his employment terminates at least one year before normal pension age, accrue to him on the date when it terminates and be valued accordingly; and
(b) may substitute, in relation to any case to which the regulations apply—
(i) a new definition of the “relevant date” for the definition in sub-paragraph (2) above, and
(ii) a new definition of “the last option date” for the definition in paragraph 15(2) below.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in sub-paragraph (2) above “the preservation requirements” means the requirements set out in Part I of Schedule 16 to the Social Security Act 1973 as the requirements of Part II of that Act relating to preservation of benefit under occupational pension schemes.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/1975/60/schedule/1A/paragraph/12 (the official version)
Page: https://openlegislation.uk/social-security-pensions-act-1975/schedule-1A/paragraph-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.