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The Occupational Pension Schemes (Transfer Values) Regulations 1996
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- UK Statutory Instruments
- 1996 No. 1847
- PART VI
- Regulation 14
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Extension of time within which member may exercise option to take a guaranteed cash equivalent
14.—(1) Where a member’s guaranteed cash equivalent has been reduced or increased under regulation 9, section 94(1)(aa) of the 1993 Act does not apply, or ceases to apply, but if the member—
(a)has made a relevant application within three months beginning with the guarantee date; or
(b)makes a relevant application within three months beginning with the date on which the member is informed that the guaranteed cash equivalent is to be increased or reduced
the member acquires a right to the guaranteed cash equivalent as so increased or reduced.
(2) In any case in which a member, within three months beginning with the guarantee date, disputes the amount of the guaranteed cash equivalent, or, within three months beginning with the date on which that member is informed that the guaranteed cash equivalent is to be increased or reduced in accordance with regulation 9, disputes the basis or amount of the increase or reduction, section 94(1)(aa) does not apply, or ceases to apply, but if the member—
(a)has made a relevant application within three months beginning with the guarantee date; or
(b)makes a relevant application within three months beginning with the date on which the amount of the guaranteed cash equivalent is finally determined
the member acquires a right to the guaranteed cash equivalent at the amount so determined.
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