Section 95 | Ways Of Taking Right To Cash Equivalent | Pension Schemes Act 1993 C48

95 Ways of taking right to cash equivalent

Pension Schemes Act 1993 (1993 c 48) | Legislation

95 Ways of taking right to cash equivalent

[(1) A member of a pension scheme who has acquired a right to take a cash equivalent in accordance with this Chapter may only take it by making an application in writing to the trustees or managers of the scheme requiring them to use the cash equivalent in one of the ways specified below.

(1A) In the case of a right acquired under section 94(1), the application must be made—

(a) within the period of 3 months beginning with the guarantee date shown in the relevant statement of entitlement, and

(b) if the cash equivalent relates to benefits that are not flexible benefits, by no later than the date that falls one year before the member attains normal pension age.]

(2) In the case of a member of an occupational pension scheme [that is not an unfunded public service defined benefits scheme], the ways referred to in subsection (1) are—

(a) for acquiring transfer credits allowed under the rules of another occupational pension scheme—

(i) the trustees or managers of which are able and willing to accept payment in respect of the member's [transferrable rights], and

(ii) which satisfies prescribed requirements;

(b)