Policy paper

Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2015

Updated 2 March 2015

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

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[DRAFT] Statutory Instruments [2015] No. Pensions

Made 바카라 사이트� [***]

Laid before Parliament 바카라 사이트� [***]

Coming into force 바카라 사이트� 6 April 2015

The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections [93(5), 93(10), 93A(5), 95(6A), 97(2), (3B) and (4), 99(4A) and (4B), 101F(6A), 113(1) and 181] of the Pension Schemes Act 1993[footnote 1] and [clause 48(7) of the Pension Schemes Bill 2015[footnote 2]b.

These Regulations were not subject to consultation because in this case the Secretary of State considered consultation to be inexpedient by reason of urgency.

Citation, commencement and interpretation

1.바카라 사이트�(1) These Regulations may be cited as the Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2015 and come into force on 6th April 2015. (2) In these Regulations, 바카라 사이트榯he principal Regulations바카라 사이트� means the Occupational Pension Schemes (Transfer Values) Regulations 1996[footnote 3].

Amendment of Part 1 of the principal Regulations

2.바카라 사이트�(1) In Regulation 1(2) of the principal Regulations바카라 사이트�

(a) In the definition of 바카라 사이트渃ash balance benefit바카라 사이트�, for 바카라 사이트渂y regulation 2 of the Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014바카라 사이트� substitute 바카라 사이트渢o that expression in [clause 75 of the Pensions Schemes Bill 2014];바카라 사이트�;

(b) In the definition of 바카라 사이트渃ash equivalent바카라 사이트�, for 바카라 사이트渙r guaranteed cash equivalent mentioned in section 93A(1) or 94(1)바카라 사이트� substitute 바카라 사이트渕entioned in section 94(1) or (2)바카라 사이트�;

(c) In the definition of 바카라 사이트済uarantee date바카라 사이트�, for 바카라 사이트渟ection 93A(2)바카라 사이트� substitute 바카라 사이트渟ection 93A(4)바카라 사이트�;

(d) Omit the definition of 바카라 사이트渞elevant date바카라 사이트�;

(e) In the definition of 바카라 사이트渟tatement of entitlement바카라 사이트�, for 바카라 사이트渟ection 93A(1) of the 1993 Act (salary related schemes: right to statement of entitlement)바카라 사이트� substitute 바카라 사이트渟ection 93A(3) of the 1993 Act (Right to statement of entitlement: benefits other than money purchase)바카라 사이트�.

Amendment of Part 2 of the principal Regulations

3.바카라 사이트�(1) In regulation 2, for 바카라 사이트淐hapter IV of Part IV바카라 사이트� substitute 바카라 사이트淐hapter 1 of Part 4ZA바카라 사이트�[footnote 4].

(2) Omit regulations 3, 4 and 5.

Amendment of Part 3 of the principal Regulations

4.바카라 사이트�(1) In the heading to Part 3 (guaranteed statements of entitlement and calculation of transfer values), omit the word 바카라 사이트済uaranteed바카라 사이트�.

(2) In regulation 6바카라 사이트�

(a) In the heading, omit the word 바카라 사이트淕uaranteed바카라 사이트�;

(b) In paragraph (1)(a)[footnote 5], omit the words 바카라 사이트渦nder section 93A of the 1993 Act (salary related schemes: right to statement of entitlement)바카라 사이트�;

(c) After paragraph 1B 颈苍蝉别谤迟바카라 사이트�

바카라 사이트�(1C) Where a member has transferrable rights in relation to two categories of benefit other than money purchase benefits, the trustees or managers must provide the member with a statement of entitlement setting out a separate cash equivalent value in relation to each category of benefit, unless the member바카라 사이트檚 application relates to one category of benefit only.바카라 사이트�;

(d) In paragraph (3), omit the words 바카라 사이트渦nder section 93A(1) of the 1993 Act바카라 사이트�;

(e) Omit paragraph (4);

(f) At the end of regulation 6 颈苍蝉别谤迟바카라 사이트�

바카라 사이트�(5) In this regulation, 바카라 사이트渁pplication바카라 사이트� means an application for a statement of entitlement made under section 93A(1) of the 1993Act.바카라 사이트�.

(3) In regulation 7C(3)(b)(ii)[footnote 6], for 바카라 사이트淐hapter IV of Part IV바카라 사이트� substitute 바카라 사이트淐hapter 1 of Part 4ZA바카라 사이트�.

(4) In regulation 9바카라 사이트�

(a) in the heading, for 바카라 사이트済uaranteed cash equivalents바카라 사이트� substitute 바카라 사이트渃ash equivalents shown in the statement of entitlement바카라 사이트�;

(b) for paragraph (1), 蝉耻产蝉迟颈迟耻迟别바카라 사이트�

바카라 사이트�(1) This regulation applies to a cash equivalent in respect of transferrable rights in relation to categories of benefits other than money purchase benefits where a statement of entitlement has been sent to a member of a salary related scheme by the trustees of the scheme.바카라 사이트�;

(c) in paragraph (2)바카라 사이트�

(i) in the first place where it appears, for 바카라 사이트済uaranteed cash equivalent바카라 사이트� substitute 바카라 사이트渃ash equivalent shown in the statement of entitlement바카라 사이트�; and

(ii) in the second place where it appears, for 바카라 사이트済uaranteed cash equivalent바카라 사이트� substitute 바카라 사이트渃ash equivalent shown in the statement of entitlement바카라 사이트�;

(d) in paragraphs (3)[footnote 7], (5) and (6), in each place where it appears, for 바카라 사이트済uaranteed cash equivalent바카라 사이트� substitute 바카라 사이트渃ash equivalent shown in the statement of entitlement바카라 사이트�;

(e) in paragraph (5), for 바카라 사이트淐hapter IV of Part IV바카라 사이트� substitute 바카라 사이트淐hapter 1 of Part 4ZA바카라 사이트�.

(5) In regulation 11바카라 사이트�

(a) For paragraph (1)[footnote 8] 蝉耻产蝉迟颈迟耻迟别바카라 사이트�

바카라 사이트�(1) Subject to paragraphs (1A) and (1B), a member to whom paragraph (1C) applies is entitled to receive from the trustees, on request, the information mentioned in Schedule 1 in writing.바카라 사이트�;

(b) After paragraph (1B)[footnote 9] 颈苍蝉别谤迟바카라 사이트�

바카라 사이트�(1C) This paragraph applies바카라 사이트�

(a) to a member who is currently accruing rights to benefits in a category (as defined in section 93(6) of the 1993 Act); and

(b) to a member who is no longer accruing rights to money purchase benefits unless, in respect of those benefits, a crystallisation event under section 93(7) has occurred.바카라 사이트�;

(c) omit paragraph (3)[footnote 10];

(d) in paragraph (4)[footnote 11]바카라 사이트�

(i) For 바카라 사이트渢o a guaranteed cash equivalent바카라 사이트� substitute 바카라 사이트減rovided under section 93A of the 1993 Act바카라 사이트�;

(ii) Before paragraph (ii) of sub-paragraph (b), 颈苍蝉别谤迟바카라 사이트�

바카라 사이트�(i) indicating the amount of the cash equivalent which is attributable to each category of benefit included in the statement of entitlement;바카라 사이트�;

(iii) In subparagraph (ii) after the first appearance of the words 바카라 사이트渃ash equivalent바카라 사이트� insert 바카라 사이트渋n relation to each category of benefit바카라 사이트�;

(e) In paragraphs (4)(b)(iv), (v), (vi)(aa) and (5), in each place where it appears, for 바카라 사이트済uaranteed cash equivalent바카라 사이트� substitute 바카라 사이트渃ash equivalent shown in the statement of entitlement바카라 사이트�.

Amendment of Part 5 of the principal Regulations

5. In regulation 13(a)(vi)[footnote 12], for 바카라 사이트済uaranteed cash equivalent바카라 사이트� substitute 바카라 사이트渃ash equivalent shown in the statement of entitlement바카라 사이트�.

Amendment of Part 6 of the principal Regulations

6.바카라 사이트�(1) In regulation 14바카라 사이트�

(a) In the heading, for 바카라 사이트済uaranteed cash equivalent바카라 사이트� substitute 바카라 사이트渃ash equivalent shown in the statement of entitlement바카라 사이트�;

(b) For paragraph (1) 蝉耻产蝉迟颈迟耻迟别바카라 사이트�

바카라 사이트�(1) Paragraph (2) will apply in the following situations바카라 사이트�

(a) Where a member바카라 사이트檚 cash equivalent shown in the statement of entitlement has been reduced or increased under regulation 9;

(b) Where, within three months of the trustees or managers informing a member in writing that the cash equivalent has been reduced or increased in accordance with regulation 9, the member disputes the basis or amount of the increase or reduction; and

(c) Where, within three months beginning with the guarantee date, a member disputes the amount of the cash equivalent shown in the statement of entitlement.바카라 사이트�

(c) For paragraph (2) 蝉耻产蝉迟颈迟耻迟别바카라 사이트�

바카라 사이트�(2) Where any of the situations mentioned in paragraph (1) occurs바카라 사이트�

(a) if the member has made an application to take the cash equivalent under section 95(1) of the 1993 Act, that application lapses unless the trustees or managers have done what is needed to carry out what the member requires or the application has been withdrawn;

(b) the time for making a fresh application to take the cash equivalent under section 95(1) is three months beginning with the date on which the trustees or managers inform the member in writing of the reduced or increased cash equivalent, or the finally determined cash equivalent; and

(c) the period specified in section 99(2) (trustees바카라 사이트� duties after exercise of option) is six months beginning with the date on which the trustees or managers inform the member in writing of the reduced or increased cash equivalent, or the finally determined cash equivalent.바카라 사이트�

(2) In regulation 15바카라 사이트�

(a) For 바카라 사이트�93(1)(a)(i)바카라 사이트� substitute 바카라 사이트�93(4)(b)바카라 사이트�;

(b) For 바카라 사이트淐hapter IV바카라 사이트� substitute 바카라 사이트淐hapter 1 of Part 4ZA바카라 사이트�;

(c) For 바카라 사이트渟ections 95(8)(a), 98(7)(a)(variation and loss of rights under section 94) and 99(2)(a) and (b)바카라 사이트� substitute 바카라 사이트渟ection 95(1A)(b)바카라 사이트�.

(3) In regulation 16(2), for 바카라 사이트淐hapter IV of Part IV바카라 사이트� substitute 바카라 사이트淐hapter 1 of Part 4ZA바카라 사이트�.

(4) In regulation 17(2), for 바카라 사이트淐hapter IV of Part IV바카라 사이트� substitute 바카라 사이트淐hapter 1 of Part 4ZA바카라 사이트�.

(5) Omit regulations 18 and 19 of the principal Regulations.

Amendment of Part 7 of the principal Regulations

7. In regulation 20, for 바카라 사이트渟ection 93A(4)바카라 사이트� substitute 바카라 사이트渟ection 93A(6)바카라 사이트�.

Amendment of Part 8 of the principal Regulations

8.바카라 사이트�(1) Omit regulation 21 of the principal Regulations.

Amendment of Schedule 1 of the principal Regulations

9.바카라 사이트�(1) In paragraph 1[footnote 13]바카라 사이트�

(a) for 바카라 사이트淐hapter IV of Part IV바카라 사이트� substitute 바카라 사이트淐hapter 1 of Part 4ZA바카라 사이트�;

(b) for 바카라 사이트渢he member바카라 사이트檚 pensionable service were to terminate바카라 사이트� substitute 바카라 사이트渢he conditions specified in section 93(2) to (4) of the 1993 Act were met바카라 사이트�;

(c) In sub-paragraph (a), for 바카라 사이트渢he member바카라 사이트檚 pensionable service terminated or will terminate on a particular date;바카라 사이트� substitute 바카라 사이트渢he conditions specified in section 93(2) to (4) of the 1993 Act were met or will be met on a particular date바카라 사이트�.

(2) In paragraph 2바카라 사이트�

(a) for 바카라 사이트淐hapter IV of Part IV바카라 사이트� substitute 바카라 사이트淐hapter 1 of Part 4ZA바카라 사이트�;

(b) in sub-paragraph (d), after 바카라 사이트渆stimated amount of the transfer value바카라 사이트� insert 바카라 사이트渋n relation to the member바카라 사이트檚 rights to benefits other than money purchase benefits바카라 사이트�.

(3) In paragraph 3[footnote 14], at the beginning of paragraph (c) insert 바카라 사이트渆xcept where [clause 48 of the Bill] applies,바카라 사이트�.

Amendment of Schedule 1A of the principal Regulations[footnote 15]

10.바카라 사이트�(1)In paragraph 2 of Schedule 1A바카라 사이트�

(a) In sub-paragraph (a) omit the word 바카라 사이트渁nd바카라 사이트�;

(b) After sub-paragraph (b) 颈苍蝉别谤迟바카라 사이트�

바카라 사이트�(c) the guarantee date in relation to the statement of entitlement is at least one year before the member attains normal pension age in relation to the rights to benefits covered by the statement of entitlement.바카라 사이트�.

(2) For paragraph 8 of Schedule 1A.蝉耻产蝉迟颈迟耻迟别바카라 사이트�

바카라 사이트�8. Where the cash equivalent shown in a member바카라 사이트檚 statement of entitlement바카라 사이트�

(a) relates to safeguarded benefits;

(b) is to be used for acquiring transfer credits in relation to safeguarded benefits under the rules of another scheme; and

(c) the receiving scheme has undertaken to provide benefits at least equal in value to the benefits represented by that cash equivalent on payment of a lesser sum (including nil),

the initial cash equivalent may be reduced so that the cash equivalent is that lesser sum.바카라 사이트�

Amendment of the Personal Pension Schemes (Transfer Values) Regulations 1987[footnote 16]

11.바카라 사이트�(1) In regulations 1[footnote 17] and 3[footnote 18], on each occasion where it occurs, for 바카라 사이트淐hapter IV of Part IV바카라 사이트� substitute 바카라 사이트淐hapter 1 of Part 4ZA바카라 사이트�.

(2) In regulation 4[footnote 19], for 바카라 사이트渟ection 94(1)(b)바카라 사이트� substitute 바카라 사이트渟ection 94바카라 사이트�.

Amendment of the Transfer Values (Disapplication) Regulations 2010[footnote 20]

12.바카라 사이트�(1) In regulation 1, for 바카라 사이트淐hapter IV of Part IV바카라 사이트� substitute 바카라 사이트淐hapter 1 of Part 4ZA바카라 사이트�.

(2) In regulation 2바카라 사이트�

(a) In paragraph (2)(a), for 바카라 사이트渟ection 94(1)바카라 사이트� substitute 바카라 사이트渟ection 94(2)바카라 사이트�; and

(b) In paragraph (2)(b), for 바카라 사이트減ension credit benefit바카라 사이트� substitute 바카라 사이트減ension credit rights바카라 사이트�.

Transitional Provisions

13.바카라 사이트�(1) The effect Schedule 1 paragraph 3 of the principal Regulations shall be preserved in respect of a member who has made an application under section 95(1) of the 1993 Act before the commencement of these Regulations.

Explanatory note

(This note is not part of the Regulations)

Regulation 1 contains general provisions providing for the date the regulations are to come into force, how the regulations are to be cited and interpretation.

Regulation 2 makes consequential amendments to regulation 1 of the Occupational Pension Schemes (Transfer Values) Regulations 1996 (S.I. 1996/1847) (바카라 사이트渢he principal Regulations바카라 사이트�) following the introduction of the Pension Schemes Act 2015.

Regulation 3(1) makes consequential amendments to regulation 2 of the principal Regulations. Regulation 3(2) repeals regulations 3, 4 and 5 of the principal Regulations.

Regulation 4 makes consequential amendments to Part 3 of the principal Regulations.

Regulation 4(2)(c) confirms that where a member applies for a statement of entitlement in respect of more than one category of benefit, the trustees must provide a separate cash equivalent for each category.

Regulation 5 makes consequential amendments to regulation 13 of the principal Regulations.

Regulation 6 makes consequential amendments to Part 6 of the principal Regulations. Regulation 6(1) amends regulation 14 of the principal regulations and provides for where the time for a member to make an application to take the cash equivalent will be extended. The Regulation also extends time for the trustee to do what is required in the same circumstances.

Regulation 7 makes consequential amendments to regulation 20 of the principal Regulations.

Regulation 8 repeals regulation 21 of the principal Regulations.

Regulation 9 makes consequential amendments to Schedule 1 of the principal Regulations. Regulation 9(3) ensures that where a trustee is not required by section 48 of the Pension Schemes Act 2015 to check that the member has received independent financial advice, the trustees make a recommendation that the member should take financial advice.

Regulation 10 makes consequential amendments to Schedule 1A of the principal Regulations. Regulation 10(2) makes amendments to paragraph 8 so that it applies to the transfer of safeguarded benefits.

Regulation 11 makes consequential amendments to the Personal Pension Schemes (Transfer Values) Regulations 1987 (S.I. 1987/1112).

Regulation 12 makes consequential amendments to the Transfer Values (Disapplication) Regulations 2010 (S.I. 2010/6).

Regulation 13 provides a transitional provision preserving the effect of Schedule 1 paragraph 3 of the principal Regulations in respect of a member who has made an application to take the cash equivalent under section 95(1) before the commencement of the Regulations.

  1. 1993 c. 48. Section 93 and 93A were amended by the [Pension Schemes Bill 2015]. Section 95(6A) was inserted by the [Pensions Schemes Bill 2015]. Section 97 was amended by the [Pension Schemes Bill 2015]; Section 99(4A) was inserted by the Pensions Act 1995 (c. 26). Section 99(4B) was inserted by the [Pension Schemes Bill 2015]. Section 101F(6A) was amended by the [Pension Schemes Act 2015]. Section 113(1) was amended by the Child Support, Pensions and Social Security Act 2000 (c. 19). Section 181 is cited for the meaning it gives to 바카라 사이트減rescribed바카라 사이트� and 바카라 사이트渞egulations바카라 사이트�.聽鈫�

  2. [2015 c. xx]. Section 48(7) is cited for the meaning it gives to 바카라 사이트渟afeguarded benefits바카라 사이트�.聽鈫�

  3. S.I. 1996/1847.聽鈫�

  4. Regulation 2 was amended by S.I. 2013/459.聽鈫�

  5. Paragraph (1) of Regulation 6 was substituted by SI 2008/1050.聽鈫�

  6. Regulation 7C was substituted by SI 2008/1050.聽鈫�

  7. Paragraph 3 of Regulation 9 was amended by SI 2005/706.聽鈫�

  8. Paragraph 1 of Regulation 11 was substituted by SI 2008/1050.聽鈫�

  9. Paragraph 1B of Regulation 11 was substituted by SI 2008/1050.聽鈫�

  10. Paragraph 3 of Regulation 11 was amended by SI 2008/1050.聽鈫�

  11. Paragraph 4 of Regulation 11 was amended by SI 2005/72 and SI 2008/1050.聽鈫�

  12. Regulation 13 was amended by SI 2005/686.聽鈫�

  13. Paragraph 1 of Schedule 1 was amended by SI 2008/1050.聽鈫�

  14. Paragraph 3 of Schedule 1 was amended by SI 2013/472.聽鈫�

  15. Schedule 1A was inserted by SI 2008/1050.聽鈫�

  16. S.I. 1987/1112.聽鈫�

  17. Regulation 1 was amended by SI 1994/1062, SI 2008/1050 and SI 2011/1246.聽鈫�

  18. Regulation 3 was substituted by SI 2008/1050 and amended by SI 2008/2450.聽鈫�

  19. Regulation 4 was substituted by SI 2008/1050.聽鈫�

  20. S.I. 2010/6.聽鈫�

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