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Change 1
As published
92 Further provisions concerning exercise of option under s. 91.
(1) A member who has acquired a right to take a cash equivalent under section 90(1) or (2) may exercise the option conferred by section 91(1) in relation to different portions of that cash equivalent in different ways, but a member who exercises that option must do so—
(a) in relation to the whole of that cash equivalent, or
(b) if subsection (2) applies, in relation to the whole of the balance mentioned in subsection (3).
(2) This subsection applies where—
(a) the trustees or managers—
(i) of an occupational pension scheme ... , or
(ii) of a personal pension scheme ..., ...
(iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
are able or willing to accept a transfer payment only in respect of a member’s rights other than his transferrable rights to guaranteed minimum pensions his accrued rights so far as attributable to service in contracted-out employment on or after the principal appointed day ...; and
(b) the member has not required the trustees or managers of the scheme from which he is being transferred to use the portion of his cash equivalent which represents those transferrable rights in any of the ways specified in subsection (2) , subsection (2A) or, as the case may be, subsection (3) of section 91.
(3) Where subsection (2) applies this section and sections 90, 91 and 93 are to be construed as conferring on the member an option only in respect of the balance of the cash equivalent to which the member would otherwise be entitled, after deduction of an amount sufficient for the trustees or managers of the scheme from which he is being transferred to meet their liability—
(a) in the case of a transfer from an occupational pension scheme, in respect of the member’s and the member’s widow's, widower’s or surviving civil partner’s (as the case may be) pensions, being guaranteed minimum pensions or pensions so far as attributable to service in contracted-out employment on or after the principal appointed day ... ; ...
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) Where a member of a pension scheme—
(a) is entitled to make an application under section 91(1) in relation to any category of benefits, and
(b) is also entitled to give a transfer notice under section 97F(1) to the trustees or managers of the scheme in relation to benefits in the same category (or would be entitled to do so but for section 97G(2)),
the member may not, if the scheme so provides, make an application under section 91(1) in relation to that category of benefits without also giving a transfer notice under section 97F(1) in relation to that category of benefits.
Your change, as a redline
92 Further provisions concerning exercise of option under s. 91.
(1) A member who has acquired a right to take a cash equivalent under section 90(1) or (2) may exercise the option conferred by section 91(1) in relation to different portions of that cash equivalent in different ways, but a member who exercises that option must do so—
(a) in relation to the whole of that cash equivalent, or
(b) if subsection (2) applies, in relation to the whole of the balance mentioned in subsection (3).
(2) This subsection applies where—
(a) the trustees or managers—
(i) of an occupational pension scheme ... , or
(ii) of a personal pension scheme ..., ...
(iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
are able or willing to accept a transfer payment only in respect of a member’s rights other than his transferrable rights to guaranteed minimum pensions his accrued rights so far as attributable to service in contracted-out employment on or after the principal appointed day ...; and
(b) the member has not required the trustees or managers of the scheme from which he is being transferred to use the portion of his cash equivalent which represents those transferrable rights in any of the ways specified in subsection (2) , subsection (2A) or, as the case may be, subsection (3) of section 91.
(3) Where subsection (2) applies this section and sections 90, 91 and 93 are to be construed as conferring on the member an option only in respect of the balance of the cash equivalent to which the member would otherwise be entitled, after deduction of an amount sufficient for the trustees or managers of the scheme from which he is being transferred to meet their liability—
(a) in the case of a transfer from an occupational pension scheme, in respect of the member’s and the member’s widow's, widower’s or surviving civil partner’s (as the case may be) pensions, being guaranteed minimum pensions or pensions so far as attributable to service in contracted-out employment on or after the principal appointed day ... ; ...
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) Where a member of a pension scheme—
(a) is entitled to make an application under section 91(1) in relation to any category of benefits, and
(b) is also entitled to give a transfer notice under section 97F(1) to the trustees or managers of the scheme in relation to benefits in the same category (or would be entitled to do so but for section 97G(2)),
the member may not, if the scheme so provides, make an application under section 91(1) in relation to that category of benefits without also giving a transfer notice under section 97F(1) in relation to that category of benefits.
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