Q&As

For purposes of the cash equivalent transfer values (CETV) legislation, at what point is a member ‘no longer accruing rights to benefits…’ under a personal pension scheme for the purposes of section 93(4) of the Pension Schemes Act 1993 (PSA 1993)? Taking into account PSA 1993, s 93(8), what does this mean in the context of a personal pension scheme which is willing to accept contributions on an ad hoc basis? If the scheme is willing to accept contributions from the member does this mean that the member has no right to a CETV? Are there any cases or PO determinations that have considered this issue?

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Copyright © 2025 LexisNexis
Produced in partnership with Elizabeth Ovey of Radcliffe Chambers
Published on: 05 April 2022
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Under the original version of section 93(1) of the Pension Schemes Act 1993 (PSA 1993), the provisions allowed a member to take a transfer applied to any member of a Personal pension scheme (other than a scheme comprised in an Annuity contract entered into before 4 January 1988) who had accrued rights to benefit under the scheme. There was no condition that the member should have ceased to accrue rights to benefits. If

Elizabeth Ovey
Elizabeth Ovey chambers

Barrister, Radcliffe Chambers

Elizabeth has a general Chancery practice with particular emphasis on pensions (developing from the trust side of her practice) and on retail financial services (developing from an early specialisation in building society law). She also does a considerable amount of professional negligence work in these areas and other areas in which a Chancery background is of assistance.

Her first substantial involvement in pensions law came when she was instructed in relation to a small miners’ pension scheme during the days of the miners’ strikes in the 1980s and she has done an increasing amount of pensions work since those days. She is a contributing editor of Halsbury’s Laws vol. 80 (Personal and Occupational Pensions) (2020). She is now on the Lexis PSL pensions section editorial board and is a contributor to Lexis PSL through a series of practice notes on various aspects of discrimination and occasional case analysis. 

Her financial services work involves in particular constitutional matters relating to mutual societies, regulatory issues and drafting standard terms and conditions to comply with the developing requirements relating to unfair contract terms. She is a joint editor of Wurtzburg and Mills on Building Society Law (looseleaf edition) and a co-author of Retail Mortgages: Law, Regulation and Procedure (2013).
 
A particular highlight of her professional negligence practice was a trip to the House of Lords in Johnson v Gore Wood [2002] 2 AC 1. 

She continues to deal with other Chancery matters.

She sits as a fee-paid judge of the Upper Tribunal.

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Cash equivalent definition
What does Cash equivalent mean?

The amount which a member of an occupational pension scheme may require to be applied as a transfer payment to another permitted pension scheme or to a buy-out policy (as per section 94 of the Pension Schemes Act 1993).

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