Social Security Act 1988

Part II Transfer Values

3 In paragraph 12 of Schedule 1A to the Social Security Pensions Act 1975—

(a) in sub-paragraph (2), in the definition of “relevant date”, after the word “means” there shall be inserted the words “, subject to regulations under sub-paragraph (2C) below,”; and

(b) the following sub-paragraph shall be inserted after sub-paragraph (2B)—

“(2C) Regulations —

(a) may provide that a right at the relevant date to the cash equivalent of any part of the benefits specified in sub-paragraph (1) above which but for regulations under the foregoing provisions of this paragraph a member would have on the termination of his pensionable service in an employment to which a scheme applies shall, if his employment terminates at least one year before normal pension age, accrue to him on the date when it terminates and be valued accordingly; and

(b) may substitute, in relation to any case to which the regulations apply—

(i) a new definition of the “relevant date” for the definition in sub-paragraph (2) above, and

(ii) a new definition of “the last option date” for the definition in paragraph 15(2) below.”