5E+W+SIn section 98 (variation and loss of rights to cash equivalents)—
(a)in subsection (1), after “occupational pension scheme” there is inserted “ other than a salary related scheme ”,
(b)after that subsection there is inserted—
“(1A)Regulations may provide that a member of a salary related occupational pension scheme who continues in employment to which the scheme applies after his pensionable service in that employment terminates—
(a)acquires a right to only part of his guaranteed cash equivalent, or
(b)acquires no right to his guaranteed cash equivalent.”,
(c)in subsection (2), after “(1)” there is inserted “ or (1A) ”, and
(d)in subsection (3)—
(i)in paragraph (a), after “occupational pension scheme” there is inserted “ other than a salary related scheme ”, and
(ii)for paragraph (b) and the “and” immediately preceding it there is substituted— “or
(aa)by virtue of regulations under subsection (1A) or (2), a member of a salary related occupational pension scheme does not, on such a termination, acquire a right to the whole or any part of his guaranteed cash equivalent,
and his employment terminates at least one year before normal pension age ”.
Commencement Information
I1Sch. 6 para. 5 in force at 6.4.1996 for specified purposes by S.I. 1996/778, art. 2(5)(a), Sch. Pt. V
I2Sch. 6 para. 5 in force at 6.4.1997 in so far as not already in force by S.I. 1997/664, art. 2(3), Sch. Pt. 3