458. Effect Of Payment Of Premiums On Rights. | Personal Occupational Pensions | LexisNexis

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458. Effect of payment of premiums on rights.

Payment of a contributions equivalent premium¹ in certain circumstances² extinguishes the earner's³ accrued rights⁴ to guaranteed minimum pensions⁵ under the relevant scheme or (in relation to service on or after the principal appointed day⁶) rights to pensions under the scheme so far as attributable to the amount of the premium

(6) Termination Of Contracted-Out Or Appropriate Scheme Status

454. Powers of Revenue and Customs to approve arrangements for scheme ceasing to be certified.

455. Calculation of guaranteed minimum pensions preserved under approved arrangements.

456. Supervision of schemes which have ceased to be certified: former contracted-out schemes.

457. Payment of contributions equivalent premiums on termination of certified status.

458. Effect of payment of premiums on rights.

459. Deduction of contributions equivalent premium from refund of scheme contributions.

460. Non-payment of contributions equivalent premium.