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Change 1
As published
101AG Duties of trustees or managers following exercise of right
(1) This section applies where a member of an occupational pension scheme has exercised a right under section 101AB in accordance with section 101AD.
(2) Where the member has elected for the cash transfer sum, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to carry out the requirement specified in the member’s notice under section 101AD(2)(b).
(3) When the trustees or managers have done what is needed to carry out that requirement, they are discharged from any obligation—
(a) in respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, and
(b) to make any other payment by way of refund to or in respect of the member of, or in respect of—
(i) the contributions, or any payment, mentioned in section 101AB(4), or
(ii) any other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit).
(4) Where the member has elected for the contribution refund, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to secure that the amount of the contribution refund is paid to the member or as he directs.
(5) When the trustees or managers have done what is needed to secure the payment of the contribution refund as mentioned in subsection (4)—
(a) they are discharged from any obligation in respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, and
(b) if they are required under the applicable rules, or determine in accordance with those rules, to make any payment (“the refund payment”) by way of refund to or in respect of the member of, or in respect of—
(i) the contributions, or any payment, mentioned in section 101AB(4), or
(ii) any other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit),
the amount of the contribution refund may be set off against the refund payment.
(6) Where the trustees or managers fail to comply with subsection (2) or (4), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
Your change, as a redline
101AG Duties of trustees or managers following exercise of right
(1) This section applies where a member of an occupational pension scheme has exercised a right under section 101AB in accordance with section 101AD.
(2) Where the member has elected for the cash transfer sum, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to carry out the requirement specified in the member’s notice under section 101AD(2)(b).
(3) When the trustees or managers have done what is needed to carry out that requirement, they are discharged from any obligation—
(a) in respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, and
(b) to make any other payment by way of refund to or in respect of the member of, or in respect of—
(i) the contributions, or any payment, mentioned in section 101AB(4), or
(ii) any other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit).
(4) Where the member has elected for the contribution refund, the trustees or managers of the scheme must, within a reasonable period beginning with the date on which the right was exercised, do what is needed to secure that the amount of the contribution refund is paid to the member or as he directs.
(5) When the trustees or managers have done what is needed to secure the payment of the contribution refund as mentioned in subsection (4)—
(a) they are discharged from any obligation in respect of any rights (including conditional rights) of, or in respect of, the member to relevant benefits under the applicable rules, and
(b) if they are required under the applicable rules, or determine in accordance with those rules, to make any payment (“the refund payment”) by way of refund to or in respect of the member of, or in respect of—
(i) the contributions, or any payment, mentioned in section 101AB(4), or
(ii) any other contributions made to the scheme, or any other scheme, in respect of the member (other than any pension credit or amount attributable (directly or indirectly) to a pension credit),
the amount of the contribution refund may be set off against the refund payment.
(6) Where the trustees or managers fail to comply with subsection (2) or (4), section 10 of the Pensions Act 1995 (civil penalties) applies to any trustee or manager who has failed to take all reasonable steps to secure compliance.
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