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AI Summary of 787TA. Encashment option.

Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2014 - onwards
Version 2 of 2

787TA. Encashment option.

(1) In this section -

'active member', in relation to a public sector scheme, means a member of the scheme who is in reckonable service within the meaning of section 2(1) of the Pensions Act 1990;

'AMRF' means an approved minimum retirement fund;

'ARF' means an approved retirement fund;

'Personal Retirement Savings Account' has the meaning assigned to it by section 787A and the expression 'PRSA' shall be construed accordingly;

'private sector scheme' means a relevant pension arrangement of a kind described in paragraphs (a) to (d) of the definition of 'relevant pension arrangement';

'PRSA administrator' has the meaning assigned to it by section 787A;

'public sector scheme' means a relevant pension arrangement of a kind described in paragraphs (e) and (f) of the definition of 'relevant pension arrangement';

'qualifying fund manager' has the meaning assigned to it by section 784A;

'relevant individual' means an individual who on 8 February 2012 -

(a)

(i) is a member of one or more than one private sector scheme or was such a member before that date and one or more than one benefit crystallisation event has occurred in respect of the scheme or schemes in the relevant period, and

(ii) is a member of one or more than one public sector scheme,

or