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Pensions Act 2014
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- 2014 c. 19
- Part 6
- Transfer of pension benefits
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Transfer of pension benefitsE+W+S
33Automatic transfer of pension benefits etcE+W+S
Schedule 17—
(a)requires the Secretary of State to make regulations under which, in certain circumstances, the cash equivalent of a person's accrued rights to benefits under a pension scheme must be transferred to another scheme of which the person is an active member;
(b)permits the Secretary of State to make regulations requiring accounts relating to a person's accrued rights to benefits under a pension scheme to be merged in certain circumstances.
Commencement Information
I1S. 33 in force at 11.9.2014 for specified purposes by S.I. 2014/2377, art. 2(1)(a)(i)(2)(a)
F134Power to prohibit offer of incentives to transfer pension rightsE+W+S
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 34 repealed (14.7.2021) by Pensions Act 2014 (c. 19), ss. 35, 56(3)(b)
35Expiry of power in section 34E+W+S
If no regulations have been made under section 34 by the end of the period of 7 years beginning with the day on which it comes into force, that section is repealed at the end of that period.
36Short service benefit for scheme member with money purchase benefitsE+W+S
(1)Section 71 of the Pension Schemes Act 1993 (basic principle as to short service benefit) is amended as follows.
(2)In subsection (1)(a), after “service,” insert—
“(aa)he has at least 30 days' qualifying service and, if he were entitled to benefit because of this paragraph, all of it would necessarily be money purchase benefit,”.
(3)After subsection (9) insert—
“(10)Subsections (7) to (9) apply, with the substitution for references to 2 years of references to 30 days, for determining whether a person has at least 30 days' qualifying service for the purposes of subsection (1).
(11)Subsection (1)(aa) does not apply in relation to a person's membership of a scheme if any period of relevant service began before the day on which section 36 of the Pensions Act 2014 came into force (whether or not it also ended before that date).
“Relevant service” means service that counts towards the 30 days' qualifying service for the purposes of subsection (1).”
(4)In section 101AA of the 1993 Act (early leavers: cash transfer sums and contribution refunds), in subsection (4)(b), after “(a)” insert “ , (aa) ”.
Commencement Information
I2S. 36 in force at 1.10.2015 by S.I. 2015/134, art. 2(3)
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