- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Pension Schemes (Northern Ireland) Act 1993, Section 97AG is up to date with all changes known to be in force on or before 09 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies where a member of an occupational pension scheme has exercised a right under section 97AB in accordance with section 97AD.
(2)Where the member has elected for the cash transfer sum, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to carry out the requirement specified in the member's notice under section 97AD(2)(b).
(3)When the trustees or managers have done what is needed to carry out that requirement, they are discharged from any obligation—
(a)in respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, and
(b)to make any other payment by way of refund to or in respect of the member of, or in respect of—
(i)the contributions, or any payment, mentioned in section 97AB(4), or
(ii)any other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit).
(4)Where the member has elected for the contribution refund, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to secure that the amount of the contribution refund is paid to the member or as he directs.
(5)When the trustees or managers have done what is needed to secure the payment of the contribution refund as mentioned in subsection (4)—
(a)they are discharged from any obligation in respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, and
(b)if they are required under the applicable rules, or determine in accordance with those rules, to make any payment ( “the refund payment”) by way of refund to or in respect of the member of, or in respect of—
(i)the contributions, or any payment, mentioned in section 97AB(4), or
(ii)any other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit),
the amount of the contribution refund may be set off against the refund payment.
(6)Where the trustees or managers fail to comply with subsection (2) or (4), Article 10 of the Pensions (Northern Ireland) Order 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.]
Textual Amendments
F1Pt. 4 Ch. 5 inserted (1.1.2006 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 241 (with art. 285(5)); S.R. 2005/543, art. 2(5), Sch. Pt. 5
Modifications etc. (not altering text)
C1Pt. 4ZA Ch. 2: power to modify conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 5 para. 1(6)(b); S.R. 2022/197, art. 3(a)
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