11 Omit the following, which are no longer needed given the earlier provisions
of this Schedule—

(a) paragraph 31(3) of Schedule 12 to the Welfare Reform and Pensions
85Act 1999;

(b) section 19(1) to (3) of the Pensions Act 2011.

Section 13

SCHEDULE 3 Early leavers: transfer values

1 Chapter 4 of Part 4 of the Pension Schemes Act 1993 (protection for early
leavers: transfer values) is amended as follows.

2 (1) 5Section 93 (scope of Chapter 4) is amended as follows.

(2) In subsection (1A), in the opening words, for “this section and the following
provisions of this Chapter” substitute “subsection (1)(a)”.

(3) In subsection (1B)(b) omit “occupational pension”.

3 (1) Section 93A (salary related schemes: right to statement of entitlement) is
10amended as follows.

(2) For subsection (1) substitute—

“(1) This section applies to an occupational pension scheme or a personal
pension scheme that is—

(a) a defined benefits scheme,

(b) 15a shared risk scheme, or

(c) a defined contributions scheme that is not a scheme under
which all the benefits that may be provided are money
purchase benefits.

(1ZA) The trustees or managers of a scheme to which this section applies
20must, on the application of any member, provide the member with a
statement of entitlement.

(1ZB) For the purposes of this Chapter a member’s “statement of
entitlement” is—

(a) in the case of an occupational pension scheme, a written
25statement of the amount of the cash equivalent at the
guarantee date of any benefits which have accrued to or in
respect of the member under the applicable rules;

(b) in the case of a personal pension scheme, a written statement
of the amount of the cash equivalent at the guarantee date of
30any benefits which have accrued to or in respect of the
member under the rules of the scheme.”

(3) In subsection (1A), for “(1)” substitute “(1ZB)”.

(4) In subsection (4), after “in the case of any” insert “occupational pension”.

(5) In the heading, for “Salary related schemes” substitute “Schemes with a
35promise or target”.

4 (1) Section 94 (right to cash equivalent) is amended as follows.

(2) For subsection (1) substitute—

“(1) Subject to the following provisions of this Chapter—

(a) a member of a scheme to which section 93A applies who—

(i) 40has received a statement of entitlement under that
section, and

(ii) has made a relevant application within three months
beginning with the guarantee date in respect of the
statement,

acquires a right to the guaranteed cash equivalent;

(a)
5a member of an occupational pension scheme to which
section 93A does not apply acquires a right, when the
member’s pensionable service terminates (whether before or
after 1 January 1986), to the cash equivalent at the relevant
date of any benefits which have accrued to or in respect of the
10member under the applicable rules;

(c) a member of a personal pension scheme to which section 93A
does not apply acquires a right to the cash equivalent at the
relevant date of any benefits which have accrued to or in
respect of the member under the rules of the scheme.”

(3) 15In subsection (1A), for “(1)(aa)” substitute “(1)(a)”.

(4) For subsection (3) substitute—

“(3) Regulations may provide that, in prescribed circumstances—

(a) subsection (1)(a) applies to members of a prescribed scheme,
or schemes of a prescribed description, with prescribed
20modifications;

(b) subsection (1)(b) or (c) applies to members of a prescribed
scheme, or schemes of a prescribed description, instead of
subsection (1)(a).”

5 In section 95 (ways of taking right to cash equivalent), in subsection (1), omit
25“paragraph (a), (aa) or (b) of”.

6 (1) Section 97 (calculation of cash equivalents) is amended as follows.

(2) In subsection (2)(a), in the opening words, for “except guaranteed cash
equivalents” substitute “for the purposes of section 94(1)(b) and (c)”.

(3) In subsection (2)(aa), for “, including a guaranteed cash equivalent,”
30substitute “(acquired by virtue of section 94(1)(a), (b) or (c))”.

(4) In subsection (3A)(a)—

(a) for “salary related occupational pension scheme” substitute “scheme
to which section 93A applies”;

(b) for “section 93A)” substitute “that section)”.

7 (1) 35Section 98 (variation and loss of rights under section 94) is amended as
follows.

(2) In subsection (1), for “other than a salary related scheme” substitute “to
which section 93A does not apply”.

(3) In subsection (1A), for “a salary related occupational pension scheme”
40substitute “an occupational pension scheme to which section 93A applies”.

(4) In subsection (3)—

(a) in paragraph (a), for “salary related scheme” substitute “scheme to
which section 93A applies”;

(b) in paragraph (aa), for “a salary related occupational pension scheme”
45substitute “an occupational pension scheme to which section 93A
applies”.