# Social Security Pensions Act 1975, Paragraph 14

Extent: E+W+S

(1) Cash equivalents are to be calculated and verified in the prescribed manner.
(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—
(a) by prescribed persons; or
(b) by persons with prescribed professional qualifications or experience; or
(c) by persons approved by the Secretary of State
and power to provide that they shall be calculated and verified in accordance with guidance prepared by a prescribed body.
(3) Regulations may provide—
(a) that in calculating cash equivalents account shall be taken—
(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;
(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
(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
(b) that in prescribed circumstances a cash equivalent shall be increased or reduced.
(4) Without prejudice to the generality of sub-paragraph (3) above—
(a) the circumstances that may be specified by virtue of paragraph (b) of that sub-paragraph include—
(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;
(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
(iii) the state of the funding of a scheme; and
(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.

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Source: https://www.legislation.gov.uk/ukpga/1975/60/schedule/1A/paragraph/14 (the official version)
Page: https://openlegislation.uk/social-security-pensions-act-1975/schedule-1A/paragraph-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.