{
  "url": "https://openlegislation.uk/social-security-pensions-act-1975/schedule-1A/paragraph-15",
  "json_url": "https://openlegislation.uk/social-security-pensions-act-1975/schedule-1A/paragraph-15.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/15",
  "kind": "paragraph",
  "number": "15",
  "heading": null,
  "text": "(1) A member may only exercise the option conferred by paragraph 13 above on or before the last option date.\n(2) In this paragraph “the last option date” means the date which falls—\n(a) one year before the date on which he attains normal pension age, or\n(b) six months after the date when his pensionable service terminates, whichever is the later.\n(3) A member loses the right to any cash equivalent under this Part of this Schedule—\n(a) if his pension or benefit in lieu of a pension or any part of it becomes payable before he attains normal pension age;\n(b) if he fails to exercise the option conferred by paragraph 13 above on or before the last option date; or\n(c) if the scheme is wound up.",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "C",
      "label": "C1",
      "text": "Under reg. 3(10) of S.I. 1987/1116, the revised form of para. 15 set out in para. 11 of Sch. 4 to that S.I. has effect (27.7.1987) in relation to personal pension schemes."
    },
    {
      "type": "C",
      "label": "C2",
      "text": "(Definition of “the last option date” modified, in certain cases where employment continues after pensionable service in it has terminated, by S.I. 1985/1931, reg. 2C(3))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1975/60/schedule/1A/paragraph/15",
    "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."
}