125 Exercise of right to cash equivalent
Pension Schemes Act 2021 (2021 c 1) | Legislation

Transfer rights

125  Exercise of right to cash equivalent

(1)     The Pension Schemes Act 1993 is amended as follows.

(2)     In section 95 (ways of taking right to cash equivalent), after subsection (6) insert—

“(6ZA)     The trustees or managers of the scheme may not use the cash equivalent in a way specified in subsection (2)(a), (b) or (d), (2A)(a), (b) or (d) or (3) unless prescribed conditions are satisfied.

(6ZB)     The conditions that may be prescribed by regulations under subsection (6ZA) include (but are not limited to) conditions about—

(a)     the member's employment or place of residence;

(b)     providing the trustees or managers with information or evidence about the member's employment or place of residence;

(c)     the member obtaining information or guidance about exercising the option conferred by subsection (1) from a prescribed person in a prescribed case;

(d)     providing the trustees or managers with evidence that—

(i)     the member

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