Disapplication of the transfer value provisions
2.—(1) Subject to paragraphs (2) and (3), the transfer value provisions do not apply in relation to the Scheme.
(2) Paragraph (1) does not apply (and so the transfer value provisions apply in relation to the Scheme) when a member of the scheme reaches normal minimum pension age and notifies the Trustee of their intention to—
(a)exercise a right to the entirety of a cash equivalent acquired under section 94(1) of the Act(1) in one of the ways listed in section 95(2) of the Act(2); or
(b)require the Trustee to use an amount equal to the entirety of the cash equivalent of their pension credit benefit pursuant to section 101F of the Act(3) for one or more of the authorised purposes listed in section 101F(2) of the Act(4).
(3) Paragraph (1) does not apply (and so the transfer value provisions apply in relation to the Scheme) when the Trustee is satisfied that a member is suffering from incapacity.
Section 94(1) was amended by the Pensions Act 1995 (c.26), section 154(1) and (2).
Section 95(2) was amended by article 121 of S.I. 2001/3649.
Section 101F was inserted by the Welfare Reform and Pensions Act, section 37.
Section 101F(2) was amended by article 122 of S.I. 2001/3649.