Pension Schemes Act 1993
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Change 1
101AF Calculation of cash transfer sum and contribution refund
(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 101AG(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.
101AF Calculation of cash transfer sum and contribution refund
(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 101AG(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.
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