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Change 1
As published
154 Right to guaranteed cash equivalent: supplementary.
(1) In paragraph (a) of section 94(1) of the Pension Schemes Act 1993—
(a) after “occupational pension scheme” there is inserted “ other than a salary related scheme ”, and
(b) after “terminates” there is inserted “ (whether before or after 1st January 1986) ”.
(2) After that paragraph there is inserted—
(aa) a member of a salary related occupational pension scheme who has received a statement of entitlement and has made a relevant application within three months beginning with the guarantee date in respect of that statement acquires a right to his guaranteed cash equivalent
.
(3) After that subsection there is inserted—
(1A) For the purposes of subsection (1)(aa), a person’s “guaranteed cash equivalent” is the amount stated in the statement of entitlement mentioned in that subsection.
(4) In subsection (2) of that section, after the definition of “the applicable rules” there is inserted—
“the guarantee date” has the same meaning as in section 93A(2)
.
(5) After that subsection there is inserted—
(3) Regulations may provide that, in prescribed circumstances, subsection (1)(aa) does not apply to members of salary related occupational pension schemes or applies to them with prescribed modifications.
Your change, as a redline
154 Right to guaranteed cash equivalent: supplementary.
(1) In paragraph (a) of section 94(1) of the Pension Schemes Act 1993—
(a) after “occupational pension scheme” there is inserted “ other than a salary related scheme ”, and
(b) after “terminates” there is inserted “ (whether before or after 1st January 1986) ”.
(2) After that paragraph there is inserted—
(aa) a member of a salary related occupational pension scheme who has received a statement of entitlement and has made a relevant application within three months beginning with the guarantee date in respect of that statement acquires a right to his guaranteed cash equivalent
.
(3) After that subsection there is inserted—
(1A) For the purposes of subsection (1)(aa), a person’s “guaranteed cash equivalent” is the amount stated in the statement of entitlement mentioned in that subsection.
(4) In subsection (2) of that section, after the definition of “the applicable rules” there is inserted—
“the guarantee date” has the same meaning as in section 93A(2)
.
(5) After that subsection there is inserted—
(3) Regulations may provide that, in prescribed circumstances, subsection (1)(aa) does not apply to members of salary related occupational pension schemes or applies to them with prescribed modifications.
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