The Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996

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 90(1)(aa) does not apply, or ceases to apply, but if the member—

(a) has made a relevant application within 3 months beginning on the guarantee date; or

(b) makes a relevant application within 3 months beginning on 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 3 months beginning on the guarantee date, disputes the amount of the guaranteed cash equivalent, or, within 3 months beginning on 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 90(1)(aa) does not apply, or ceases to apply, but if the member—

(a) has made a relevant application within 3 months beginning on the guarantee date; or

(b) makes a relevant application within 3 months beginning on 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.