11(1)Section 97 (calculation of cash equivalents) is amended as follows.E+W+S
(2)After subsection (1) insert—
“(1A)Where a member applies under section 95 to take a cash equivalent that relates to money purchase benefits, the cash equivalent is to be calculated by reference to the date of the application.”
(3)In subsection (2)—
(a)in paragraph (a), in the opening words, for “except guaranteed cash equivalents” substitute “ that relate to money purchase benefits ”;
(b)in paragraph (aa), for “, including a guaranteed cash equivalent,” substitute “ that relates to any category of benefits ”.
(4)In subsection (3), omit paragraph (a).
(5)For subsection (3A) substitute—
“(3A)For the purposes of subsection (3), the “appropriate date”—
(a)in relation to a cash equivalent that relates to benefits other than money purchase benefits, means the guarantee date for the purposes of the relevant statement of entitlement under section 93A, and
(b)in relation to a cash equivalent that relates to money purchase benefits, means the date on which the trustees or managers receive an application from the member under section 95.
(3B)Where regulations under subsection (2)(b) provide for the cash equivalent shown in a statement of entitlement to be increased or reduced after the member has made an application under section 95, the regulations may provide for the application under section 95 to lapse (but this does not prevent the member making a fresh application in respect of the increased or reduced cash equivalent).”