99 Trustees' duties after exercise of option
Pension Schemes Act 1993 (1993 c 48) | Legislation

99  Trustees' duties after exercise of option

(1)     Where—

(a)     a member has exercised the option conferred by section 95; and

(b)     the trustees or managers of the scheme have done what is needed to carry out what the member requires,

the trustees or managers shall be discharged from any obligation to provide benefits to which the cash equivalent related except, in such cases as are mentioned in section 96(2), to the extent that an obligation to provide such guaranteed minimum pensions . . . continues to subsist.

[(2)     Subject to the following provisions of this section, if the trustees or managers of a scheme receive an application under section 95 they must do what is needed to carry out what the member requires—

(a)     in the case of an application that relates to benefits other than money purchase benefits, within 6 months beginning with the guarantee date shown in the relevant statement of entitlement, . . .

(b)     in the case of an application that relates to money purchase benefits [other than collective money purchase

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Strict liability

Strict liabilityStrict liabilityWhen an offence does not require proof of a mental element it is an offence of strict liability. There are some common law offences of strict liability (eg public nuisance, outraging public decency and contempt) most though are statutory, arising often under

LEXISNEXIS

Affray

AffrayAffray is an offence created by the Public Order Act 1986 (POA 1986). It can be tried in either the magistrates’ court or the Crown Court. The magistrates’ court may decline jurisdiction where for example in cases involving a weapon/throwing objects, or conduct that causes serious

LEXISNEXIS

Option agreements—the need for a long-stop date

Call options are frequently used by developers to secure a right to buy land if planning permission is obtained. Taking an option provides the developer with time to make and pursue a planning application before having to commit to paying for the land. The developer's initial outlay will be limited

LEXISNEXIS

What happens when a client receives a custodial sentence?

What happens when a client receives a custodial sentence?This Practice Note reflects the procedural code for sentencing offenders in England and Wales (Sentencing Code) that applies from 1 December 2020, as set out in Parts 2–13 of the Sentencing Act 2020 (SA 2020). For those considering whether the