Section 101AF — Pensions Act 2004: Calculation of cash transfer sum and contribution refund

Calculation of cash transfer sum and contribution refund 101AF 1 Cash transfer sums are to be calculated and verified in the prescribed manner.

2 Any calculation of a contribution refund must conform with such requirements as may be prescribed.

3 Regulations may provide—

a for amounts to be deducted in respect of administrative costs in calculating cash transfer sums;

b for a cash transfer sum or contribution refund to be increased or reduced in prescribed circumstances.

4 The circumstances that may be prescribed under subsection (3)(b) include in particular—

a a failure by the trustees or managers of the scheme to comply with section 101AG(2) or (4) in relation to the cash transfer sum or contribution refund, and b the state of funding of the scheme.

5 Regulations under subsection (3)(b) may provide—

a for a cash transfer sum to be reduced so that the member has no right to have any amount paid by way of cash transfer sum in respect of him;

b for a contribution refund to be reduced so that the member has no right to receive any amount by way of contribution refund under this Chapter.