{
  "url": "https://openlegislation.uk/social-security-pensions-act-1975/schedule-1A/paragraph-14",
  "json_url": "https://openlegislation.uk/social-security-pensions-act-1975/schedule-1A/paragraph-14.json",
  "legislation": "ukpga/1975/60",
  "legislation_title": "Social Security Pensions Act 1975",
  "legislation_url": "https://openlegislation.uk/social-security-pensions-act-1975",
  "path": "schedule/1A/paragraph/14",
  "kind": "paragraph",
  "number": "14",
  "heading": null,
  "text": "(1) Cash equivalents are to be calculated and verified in the prescribed manner.\n(2) The power to make regulations conferred by sub-paragraph (1) above includes power to provide that cash equivalents are to be calculated and verified in such manner as may be approved in particular cases—\n(a) by prescribed persons; or\n(b) by persons with prescribed professional qualifications or experience; or\n(c) by persons approved by the Secretary of State\nand power to provide that they shall be calculated and verified in accordance with guidance prepared by a prescribed body.\n(3) Regulations may provide—\n(a) that in calculating cash equivalents account shall be taken—\n(i) of any surrender, commutation or forfeiture of the whole or part of a member’s pension which occurs before the trustees or managers of the scheme of which he is a member do what is needed to comply with what he requires under paragraph 16 below;\n(ii) in a case where a paragraph 13(5) above applies, of the need to deduct an appropriate amount to provide guaranteed minimum pensions or give effect to protected rights; and\n(ii) in a case where paragraph 13(5) above applies, of the need to deduct an appropriate amount to make provision for protected rights; and\n(b) that in prescribed circumstances a cash equivalent shall be increased or reduced.\n(4) Without prejudice to the generality of sub-paragraph (3) above—\n(a) the circumstances that may be specified by virtue of paragraph (b) of that sub-paragraph include—\n(i) the length of time which elapses between the termination of a member’s pensionable service and his exercise of the option conferred by this Part of this Schedule or regulations under it;\n(ii) failure by the trustees or managers of a scheme to do what is needed to carry out what a member of the scheme requires within six months of the date on which they receive an application from him under paragraph 16 below; and\n(iii) the state of the funding of a scheme; and\n(b) regulations under that sub-paragraph may specify as the amount by which a cash equivalent is to be reduced such an amount that a member has no right to receive anything.",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words substituted (with effect from 6.4.1988) by Social Security Act 1986 (c. 50), Sch. 10, para. 30(d)(i)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words added (with effect from 25.7.1986) by Social Security Act 1986 (c.50), Sch. 10, para. 30(d)(ii)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words inserted (with effect from 6.4.1988) by The Personal and Occupational Pension Schemes (Modification of Enactments) Regulations 1987 (S.I. 1987/1116, Sch. 6, para. 5)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Sch. 1A, para. 14(3)(a)(ii) as set out second, substituted for para. 14(3)(a)(ii) as set out first, by S.I. 1987/1116, Sch. 4, para. 10(a)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Sch. 1A para. 14(3)(b) substituted (with effect from 6.4.1988) by Social Security Act 1986 (c. 50), Sch. 10, para. 30(d)(iii)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Under reg. 3(10) of, and para. 10 of Sch. 4 to, S.I. 1987/1116, para. 14 above has effect (27.7.1987) in relation to personal pension schemes subject to the omission of sub-paragraph 14(4)(a)(i), and to the modification, specified in para. 1O(a) of Sch. 4 to that S.I., of sub-para. 14(3)(a)(ii) as it stood before 6.4.1988. As so modified, sub-para. 14(3)(a)(ii) reads as set out second"
    },
    {
      "type": "X",
      "label": "X1",
      "text": "Sch. 1A, para. 14(3)(a)(ii) as set out second, substituted for para. 14(3)(a)(ii) as set out first, by S.I.1987/1116, Sch. 4, para. 10(a)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1975/60/schedule/1A/paragraph/14",
    "retrieved_at": "2026-10-29T10:36:35.649726+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."
}