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Pension Schemes (Northern Ireland) Act 1993, Section 97AF is up to date with all changes known to be in force on or before 19 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Cash transfer sums are to be calculated and verified in the prescribed manner.
(2)Any calculation of a contribution refund must conform with such requirements as may be prescribed.
(3)Regulations may provide—
(a)for amounts to be deducted in respect of administrative costs in calculating cash transfer sums;
(b)for a cash transfer sum or contribution refund to be increased or reduced in prescribed circumstances.
(4)The circumstances that may be prescribed under subsection (3)(b) include in particular—
(a)a failure by the trustees or managers of the scheme to comply with section 97AG(2) or (4) in relation to the cash transfer sum or contribution refund, and
(b)the state of funding of the scheme.
(5)Regulations under subsection (3)(b) may provide—
(a)for a cash transfer sum to be reduced so that the member has no right to have any amount paid by way of cash transfer sum in respect of him;
(b)for a contribution refund to be reduced so that the member has no right to receive any amount by way of contribution refund under this Chapter.]
Textual Amendments
F1Pt. 4 Ch. 5 inserted (1.1.2006 for specified purposes, 6.4.2006 in so far as not already in force) by The Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 241 (with art. 285(5)); S.R. 2005/543, art. 2(5), Sch. Pt. 5
Modifications etc. (not altering text)
C1Pt. 4ZA Ch. 2: power to modify conferred (11.2.2021 for specified purposes, 1.8.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), s. 131(1)(3)(a), Sch. 5 para. 1(6)(b); S.R. 2022/197, art. 3(a)
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