- Latest available (Revised)
- Original (As enacted)
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Scottish Parliamentary Pensions Act 2009. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
This section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
74(1)An individual's “transferable sum” is the amount of cash equivalent set out in a statement of entitlement which the Fund trustees provide to the individual under section 93A of the Pension Schemes Act 1993 (c. 48) (but see rules 76 to 78 which provide for enhancement and reduction of transferable sums).S
(2)That section applies for the purposes of the scheme in relation to an individual who—
(a)is aged 64 or over, and
(b)stopped being a participating member no longer than 6 months ago,
in the same way as it applies in relation to an individual aged under 64.
75An individual's transferable sum must be transferred from the Pension Fund if the following conditions are met—S
has been but is no longer a participating member, and
is not a scheme pensioner.
|Condition 2||The individual has total reckonable service of at least 3 months.|
|Condition 3||The Fund trustees have given the individual a statement of entitlement in pursuance of section 93A of the Pension Schemes Act 1993 (c. 48).|
The individual gives the Fund trustees notice (a “transfer-out notice”)—
specifying the way in which the transferable sum is to be transferred, and
setting out any other information which the Fund trustees may reasonably require in relation to the transfer.
The transfer-out notice is given before the later of—
the day falling 6 months after the individual stopped being a participating member, and
the individual's 64th birthday.
|Condition 6||The transfer-out notice is given within 3 months of the guarantee date relating to the statement of entitlement (see section 93A(2) of the Pension Schemes Act 1993 (c. 48)).|
|Condition 7||The way in which the transferable sum is to be transferred is permitted by section 95(2) of the Pension Schemes Act 1993 (c. 48).|
would be a recognised transfer for the purposes of section 169 of the Finance Act 2004 (c. 12), and
is not prohibited by any other enactment.
76(1)A transferable sum of less than amount A is to be increased to amount A.S
(2)Amount A, in relation to an individual, means the total of—
(a)the individual's scheme member contributions,
(b)any transfer-in sums paid into the Pension Fund in relation to the individual, and
(c)any instalments or lump sums paid by the individual to buy added years.
77Where section 96(2) of the Pension Schemes Act 1993 (c. 48) applies in relation to a transfer under rule 75, the Fund trustees may reduce the transferable sum by an amount equal to the proportion of that sum which represents the individual's accrued rights—S
(a)to a guaranteed minimum pension, or
(b)attributable to service in contracted-out employment (within the meaning of section 8 of the Pension Schemes Act 1993 (c. 48)).
78(1)Where rule 75 requires a transfer to be made, the transferable sum is to be paid from the Pension Fund in the way specified in the transfer-out notice by no later than—S
(a)the individual's 65th birthday, or
(b)if later, the day falling 6 months after the transfer notice was given.
(2)If payment is made later than 6 months after the guarantee date relating to the statement of entitlement by reference to which the transferable sum was determined, the transferable sum is to be increased by—
(a)the amount, if any, by which it falls short of what the transferable sum would have been if the guarantee date had been the date of payment, or
(b)if greater, the amount of interest on the transferable sum calculated on a daily basis over the period from the guarantee date to the date of payment (calculated at an annual rate of 1% above the Bank of England base rate).
79The Fund trustees may extend any time limit set out in this Chapter in relation to a particular transfer if they think it reasonable to do so.S
80A transfer under rule 75 extinguishes the rights of all persons to receive scheme benefits in respect of the individual (other than any accrued rights in respect of which the transferable sum was reduced under rule 77).S
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the Scottish Executive department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: