- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2014)
- Gwreiddiol (a wnaed Fel)
Point in time view as at 06/04/2014.
There are currently no known outstanding effects for the The Occupational Pension Schemes (Transfer Values) Regulations 1996.
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1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Transfer Values) Regulations 1996 and shall come into force on 6th April 1997.
(2) In these Regulations, unless the context otherwise requires—
“the 1993 Act" means the Pension Schemes Act 1993;
“the 1995 Act" means the Pensions Act 1995;
[F1 “the 2004 Act” means the Pensions Act 2004; ]
[F2“actuary” means—
the actuary mentioned in section 47(1)(b) of the 1995 Act (professional advisers); or
in relation to a scheme to which that section does not apply—
[F3a Fellow of the Institute and Faculty of Actuaries; or]
a person with other actuarial qualifications who is approved, at the request of the trustees of the scheme in question, by the Secretary of State as being a proper person to act for the purposes of these Regulations in connection with that scheme;]
“appropriate date" has the meaning given to that expression in section 97(3A) of the 1993 Act M1;
“base rate" has the meaning given to that expression in the Local Government Pension Scheme Regulations [F41997];
F5...
“cash equivalent" means a cash equivalent or guaranteed cash equivalent mentioned in section 93A(1) or 94(1) of the 1993 Act M2;
[F2“discount rates” means the interest rates used to discount future payments of benefit for the purposes of placing a current value on them;]
[F6“effective date” means the date as at which the assets and liabilities are valued for the purposes of the insufficiency report;]
“guarantee date" has the meaning given to that expression in section 93A(2) of the 1993 Act;
[F2“initial cash equivalent” means the amount calculated in accordance with regulation 7(1)(a);]
[F2“insufficiency report” means the actuary’s last relevant report before the guarantee date prepared in accordance with Schedule 1B (insufficiency reports);]
[F2“insufficiency report liabilities” has the meaning given in paragraph 7 of Schedule 1B;]
[F2“insurance policy” means an insurance policy which is a contract on human life or a contract of annuity on human life, but excluding a contract which is linked to investment funds;]
[F7“member” has the meaning given in section 124(1) of the 1995 Act (interpretation);]
F8...
“relevant date" has the meaning given to that expression in section 94(2) of the 1993 Act M3;
[F2“salary related benefits” means benefits that are not money purchase benefits;]
[F9“salary related scheme" has the meaning given in regulation 1A;]
“scheme", except in the expressions “personal pension scheme" and “receiving scheme", means occupational pension scheme;
F5...
“section 9(2B) rights" has the meaning given to that expression in the Contracting-out (Transfer and Transfer Payment) Regulations 1996 M4;
[F2“statement of entitlement” has the meaning given in section 93A(1) of the 1993 Act (salary related schemes: right to statement of entitlement);]
“trustees", in relation to a scheme which is not set up or established under a trust, means the managers of the scheme M5
and other expressions have the same meaning as in the 1993 Act.
Textual Amendments
F1 Words in reg. 1(2) inserted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), regs. 1, 20(1), Sch. 3 paras. 5(2)
F2 Words in reg. 1(2) inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 2(a)
F3 Words in reg. 1(2) substituted (6.4.2012) by The Pensions (Institute and Faculty of Actuaries and Consultation by Employers - Amendment) Regulations 2012 (S.I. 2012/692), regs. 1(2), 5
F4Words in reg. 1(2) inserted (1.4.1998) by The Local Government Pension Scheme (Transitional Provisions) Regulations 1997 (S.I. 1997/1613), regs. 1(2), Sch. 3 para. 61 (with regs. 1(3), 20, Sch. 4)
F5 Words in reg. 1(2) omitted (1.10.2008) by virtue of Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 2(d)
F6 Words in reg. 1(2) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 2(b)
F7Words in reg. 1(2) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 2(c)
F8 Words in reg. 1(2) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) Order 2011 (S.I. 2011/1246), arts. 1(2)(a), 14(2)
F9 Words in reg. 1(2) substituted (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), reg. 1, Sch. 1 para. 12(2)
Modifications etc. (not altering text)
C1 Reg. 1(2) modified by SI 2000/1052 reg. 5(2)(a)(i) (as substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 5(b))
C2 Reg. 1(2) modified by SI 2000/1052 reg. 5(2)(a)(ii) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 5(b))
C3 Reg. 1(2) modified by SI 2000/1052 reg. 4(4)(a) (as substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 5(b))
C4 Reg. 1(2) modified by SI 2000/1054 reg. 24(2)(a) (as substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 7(c))
Marginal Citations
M1Section 97(3A) was inserted by paragraph 4(c) of Schedule 6 to the Pensions Act 1995.
M2Section 94(1) was amended by section 154(1) of the Pensions Act 1995.
M3Section 94(2) was amended by section 154(4) of the Pensions Act 1995.
M5 In relation to regulation 11, see also the Occupational Pension Schemes (Managers) Regulations 1986, S.I. 1986/1718.
1A. For the purposes of Chapter IV of Part IV of the 1993 Act and these regulations an occupational pension scheme is salary related if it is not a money purchase scheme and it is not a scheme—
(a)the only benefits provided by which (other than money purchase benefits) are death benefits; and
(b)under the provisions of which no member has accrued rights (other than rights to money purchase benefits).]
Textual Amendments
F10 Reg. 1A inserted (1.6.1999) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786) , reg. 1 , Sch. 1 para. 12(3)
2. Chapter IV of Part IV of the 1993 Act shall not apply to a member of a salary related scheme whose pensionable service terminated before 1st January 1986 if all of the member’s accrued rights to benefits under the scheme—
(a)are rights—
(i)to official pensions specified in Schedule 2 to the Pensions (Increase) Act 1971 M6 (official pensions),
(ii)to pensions in relation to which the Pensions (Increase) Act 1971 has effect by virtue of regulations made under section 5(2) of that Act (scope of Act and general powers), or
(iii)to pensions under a scheme the rules of which provide that pensions thereunder shall be increased in accordance with the Pensions (Increase) Act 1971; or
(b)are rights to pensions under a scheme the rules of which provide that pensions thereunder shall in the pre-pension period (as defined in section 83(1)(a)(iii) of the 1993 Act (scope of Chapter II: revaluation of accrued benefits excluding guaranteed minimum pensions)) be revalued at a rate equal to or exceeding [F11a rate that, in the opinion of the Secretary of State, maintains the value of pensions or other benefits by reference to the rise in the general level of prices in Great Britain].
Textual Amendments
F11 Words in reg. 2(b) substituted (E.W.S.) (6.4.2013) by The Occupational and Stakeholder Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/459) , regs. 1 , 6
Modifications etc. (not altering text)
C5 Reg. 2 excluded (1.4.2008) by The Local Government Pension Scheme (Administration) Regulations 2008 (S.I. 2008/239) , regs. 1(1) , 78(3)
C6 Reg. 2 excluded (S.) (1.4.2009) by Local Government Pension Scheme (Administration) (Scotland) Regulations 2008 (S.S.I. 2008/228) , regs. 1 , 73(2)
Marginal Citations
3.—(1) This regulation applies where a member continues in employment to which a scheme applies after the member’s pensionable service in such employment terminates and—
(a)that pensionable service commenced before 6th April 1988 and terminated at the member’s request; and
(b)(i)that pensionable service, but for that request, would have continued until the guarantee date, or
(ii)that pensionable service continued, or but for that request would have continued, until the relevant date.
(2) Where this regulation applies and the condition mentioned in regulation 3(1)(b)(i) is satisfied, without prejudice to any right the member may acquire to a cash equivalent of money purchase benefits, the member, on making a relevant application in accordance with section 94(1)(aa) of the 1993 Act (right to guaranteed cash equivalent) acquires a right to only that part of the guaranteed cash equivalent which relates to benefits specified in paragraph (4).
(3) Where this regulation applies and the condition mentioned in regulation 3(1)(b)(ii) is satisfied, without prejudice to any right the member may acquire to a cash equivalent of benefits other than money purchase benefits, the member acquires a right to the cash equivalent of only those money purchase benefits which are benefits specified in paragraph (4).
(4) The benefits referred to in paragraphs (2) and (3) are—
(a)in the case of benefits which have accrued in respect of the member’s pensionable service in employment to which the scheme applied, those benefits which are attributable to pensionable service after 5th April 1988; and
(b)in the case of benefits which have not so accrued, those benefits which were credited to the member after 5th April 1988.
(5) Where a member exercises a right to the part of a guaranteed cash equivalent described in paragraph (2) or to a cash equivalent of only certain money purchase benefits as described in paragraph (3), Chapters II and III of Part IV of the 1993 Act are modified so that, for the purposes of those provisions, the benefits to which that part or that cash equivalent, as the case may be, related are disregarded and the pensionable service by reference to which those benefits were calculated is excluded from the pensionable service referred to in paragraph 1(1) of Schedule 3 to the 1993 Act (the final salary method of revaluation of accrued benefits).
4.—(1) This regulation applies to a case where regulation 3 (or regulation 2A of the Occupational Pension Schemes (Transfer Values) Regulations 1985 M7) has operated to restrict a member’s cash equivalent and subsequently the member’s employment terminates on a date which is at least one year earlier than the date on which the member would attain the age which is the normal pension age for the scheme or, where the normal pension age is earlier than 60, the age of 60.
(2) Where this regulation applies, a right to any cash equivalent or any part of a guaranteed cash equivalent to which the member has not acquired a right but would, but for the operation of regulation 3 (or regulation 2A of the Occupational Pension Schemes (Transfer Values) Regulations 1985), have acquired a right by the date when the member’s employment terminates shall accrue to the member on that date.
(3) Where a right to any part of a guaranteed cash equivalent accrues to a member under paragraph (2), the cash equivalent of the benefits to which that part relates shall be recalculated as at—
(a)the date on which the member’s employment terminates; or, if later,
(b)the date on which the member applies to take that part
and that part shall be increased or reduced by the amount by which it falls short of or exceeds the value of the cash equivalent of those benefits as so recalculated.
(4) In relation to any case to which this regulation applies there shall be substituted for the definitions of “relevant date" in section 94(2) of the 1993 Act (right to cash equivalent) and of “the last option date" in section 95(8) of that Act (ways of taking right to cash equivalent) the following definitions—
““relevant date" means the date when the member’s employment terminates or the date of the relevant application, whichever is the later”, and
““the last option date" means the date which falls—
(a)one year before the date on which the member attains normal pension age; or
(b)six months after the date when his employment terminates,
whichever is the later”.
(5) In this regulation “employment" means employment to which the scheme applies.
Marginal Citations
M7S.I. 1985/1931. The relevant amending instruments are S.I. 1987/1107, S.I. 1988/523, S.I. 1990/1142 and S.I. 1994/1062.
5. For the purposes of section 98(1) and (1A) of the 1993 Act (variation and loss of rights to cash equivalent) and of regulations 3 and 4, where a member’s employment to which a scheme applies terminates but that member enters again into employment to which that scheme applies, then, if there is between those two employments—
(a)an interval not exceeding one month; or
(b)an interval of any length if the second of the employments results from the exercise of a right to return to work under section 79 of the Employment Rights Act 1996 M8 (maternity: right to return to work)
they shall be treated as a single employment.
Modifications etc. (not altering text)
C7Reg. 5 restricted (1.4.2008) by The Local Government Pension Scheme (Administration) Regulations 2008 (S.I. 2008/239), regs. 1(1), 78(4)
C8Reg. 5 applied (with modifications) (S.) (1.4.2009) by Local Government Pension Scheme (Administration) (Scotland) Regulations 2008 (S.S.I. 2008/228), regs. 1, 73(4)
Marginal Citations
6.—[F12(1) Subject to paragraph (1A), the guarantee date in relation to a statement of entitlement must be—
(a)within the period of three months beginning with the date of the member’s application under section 93A of the 1993 Act (salary related schemes: right to statement of entitlement) for a statement of entitlement; or
(b)where the trustees are unable to provide a statement of entitlement for reasons beyond their control within the period specified in sub-paragraph (a), within such longer period not exceeding six months beginning with the date of the member’s application as they may reasonably require.]
[F13(1A) Where a relevant scheme has received an application, the guarantee date must be either—
(a)within the period, or, where applicable, the longer period, set out in paragraph (1); or
(b)within a period of three months beginning on the date on which the relevant direction ceases to have effect,
whichever ends later.
(1B) In paragraph (1A)—
“application” means an application for a statement of entitlement made under section 93A(1) of the 1993 Act ;
“relevant scheme” means a scheme which either—
is the subject of a freezing order made under section 23 of the Pensions Act 2004 containing a relevant direction on the date it receives the application; or
becomes the subject of such a freezing order during the period, or, where applicable, the longer period, set out in paragraph (1); and
“relevant direction” means a direction under section 23(4)(g) of the Pensions Act 2004.]
(2) The guarantee date must be within the period of ten days (excluding Saturdays, Sundays, Christmas Day, New Year’s Day and Good Friday) ending with the date on which the statement of entitlement is provided to the member.
(3) A member who has made an application under section 93A(1) of the 1993 Act for a statement of entitlement may not within a period of twelve months beginning on the date of that application make any further such application unless the rules of the scheme provide otherwise or the trustees allow the member to do so.
(4) Subject to paragraph (3), any application for a cash equivalent made by a member of a salary related scheme which does not result in the member acquiring a right to a guaranteed cash equivalent under section 94(1)(aa) of the 1993 Act shall be treated as if it were an application under section 93A(1) of that Act for a statement of entitlement.
Textual Amendments
F12 Reg. 6(1) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 3
F13 Reg. 6(1A)(1B) inserted (6.4.2005) by Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations 2005 (S.I. 2005/686) , regs. 1(1) , 4(2)(b)
[F14 7 .—(1) Subject to paragraphs (4) and (7), cash equivalents are to be calculated and verified—
(a)by calculating the initial cash equivalent—
(i)for salary related benefits, in accordance with regulations 7A and 7B; or
(ii)for money purchase benefits, in accordance with regulation 7C,
and then making any reductions in accordance with regulation 7D; or
(b)in accordance with regulation 7E.
(2) The trustees must decide whether to calculate and verify the cash equivalent in accordance with paragraph (1)(a) or (b), but they can only choose paragraph (1)(b) if they have had regard to any requirement for consent to paying a cash equivalent which is higher than the amount calculated and verified in accordance with paragraph (1)(a).
(3) The trustees are responsible for the calculation and verification of cash equivalents and initial cash equivalents.
(4) Where a member, in relation to whom a cash equivalent is to be calculated and verified, is a member of a scheme modified by—
(a)the British Coal Staff Superannuation Scheme (Modification) Regulations 1994; or
(b)the Mineworkers’ Pension Scheme (Modification) Regulations 1994,
the cash equivalent of his bonus is to be calculated and verified by the trustees, having obtained the advice of the actuary, to reflect the fact that a reduced bonus, or no bonus, may become payable in accordance with the provisions governing the scheme in question.
(5) For the purposes of paragraph (4) “bonus” means any—
(a)augmentation of his benefits; or
(b)new, additional or alternative benefits,
which the trustees of the scheme in question have applied to the member’s benefits, or granted to him in accordance with the provisions governing that scheme, on the basis of findings as to that scheme’s funding position.
(6) Paragraph (7) applies where the cash equivalent is calculated and verified in accordance with paragraph (1)(a).
(7) Where a portion of the cash equivalent relates to a salary related benefit and a portion relates to a money purchase benefit, the initial cash equivalent is to be calculated—
(a)for the salary related benefit portion, in accordance with regulations 7A and 7B; and
(b)for the money purchase benefit portion, in accordance with regulation 7C.
Textual Amendments
F14 Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 4
Modifications etc. (not altering text)
C9Reg. 7 modified by SI 2000/1054 reg. 24(2)(d) (as substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 7(c))
C10 Regs. 7-7C modified by SI 2000/1054 reg. 24(2)(c) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 2 para. 7(c) )
C11Reg. 7(1) modified by SI 2000/1052 reg. 4(4)(b) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 5(b))
C12Reg. 7(1) modified by SI 2000/1052 reg. 5(2)(b) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 5(b))
C13Reg. 7(1) modified by SI 2000/1054 reg. 24(2)(b) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 7(c))
C14Reg. 7 modified by SI 2000/1052 reg. 4(4)(c) (as substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 5(b))
C15Reg. 7 modified by SI 2000/1052 reg. 5(2)(c) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 5(b))
7A.—(1) For salary related benefits, the initial cash equivalent is to be calculated—
(a)on an actuarial basis; and
(b)in accordance with paragraph (2) and regulation 7B.
(2) The initial cash equivalent is the amount at the guarantee date which is required to make provision within the scheme for a member’s accrued benefits, options and discretionary benefits.
(3) For the purposes of paragraph (2), the trustees must determine the extent—
(a)of any options the member has which would increase the value of his benefits under the scheme;
(b)of any adjustments they decide to make to reflect the proportion of members likely to exercise those options; and
(c)to which any discretionary benefits should be taken into account, having regard to any established custom for awarding them and any requirement for consent before they are awarded.
Textual Amendments
F14 Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 4
Modifications etc. (not altering text)
C16 Reg. 7A(2) modified by SI 2000/1054 reg. 24(2)(e) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 2 para. 7(c) )
C17 Reg. 7A(2) modified by SI 2000/1052 reg. 4(4)(d) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 2 para. 5(b) )
7B.—(1) The trustees must calculate the initial cash equivalent for salary related benefits—
(a)by using the assumptions determined under this regulation; and
(b)where the scheme falls within paragraph (6), in accordance with the guidance referred to in that paragraph.]
(2) Having taken the advice of the actuary, the trustees must determine the economic, financial and demographic assumptions.
(3) In determining the demographic assumptions, the trustees must have regard to—
(a)the main characteristics of the members of the scheme; or
(b)where the members of the scheme do not form a large enough group to allow demographic assumptions to be made, the characteristics of a wider population sharing similar characteristics to the members.
(4) [F16Except where the scheme falls within paragraph (6), the trustees must] have regard to the scheme’s investment strategy when deciding what assumptions will be included in calculating the discount rates in respect of the member.
(5) The trustees must determine the assumptions under this regulation with the aim that, taken as a whole, they should lead to the best estimate of the initial cash equivalent.
[F17(6) A scheme falls within this paragraph if it is a public service pension scheme in respect of which guidance has been prepared, and from time to time revised, by the Treasury for calculating the discount rates.]
Textual Amendments
F15 Reg. 7B(1) substituted (13.10.2008) by Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/2450) , regs. 1 , 3(2)(a)
F16 Words in reg. 7B(4) substituted (E.W.S.) (13.10.2008) by Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/2450) , regs. 1 , 3(2)(b)
F17 Reg. 7B(6) inserted (E.W.S.) (13.10.2008) by Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/2450) , regs. 1 , 3(2)(c)
7C.—(1) For money purchase benefits, the initial cash equivalent is to be calculated in accordance with this regulation.
(2) The initial cash equivalent is the realisable value [F18at the date of calculation] of any benefits to which the member is entitled.
(3) The trustees must calculate that realisable value—
(a)in accordance with the scheme rules; and
(b)in a manner which is—
(i)approved by the trustees; and
(ii) consistent with Chapter IV of Part IV of the 1993 Act.
(4) The realisable value must include any increases to the benefits resulting from a payment of interest made in accordance with the scheme rules.
Textual Amendments
F14 Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 4
F18 Words in reg. 7C(2) inserted (E.W.S.) (13.10.2008) by Occupational and Personal Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/2450) , regs. 1 , 3(3)
7D.—(1) An initial cash equivalent may, or as the case may be must, be reduced in accordance with Schedule 1A (reductions in initial cash equivalents).
(2) The trustees may request an insufficiency report from the actuary in accordance with Schedule 1B.
(3) The trustees may treat the actuary’s last relevant GN11 report as an insufficiency report.
Textual Amendments
F14 Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 4
7E.—(1) This regulation applies where the trustees have decided to calculate and verify the cash equivalent in accordance with regulation 7(1)(b).
(2) The cash equivalent is to be calculated and verified in such manner as may be approved by the trustees.
(3) The cash equivalent must be higher than it would be if it was calculated and verified in accordance with regulation 7(1)(a).
(4) For the purposes of calculating and verifying the cash equivalent, the trustees may request an insufficiency report from the actuary in accordance with Schedule 1B.
(5) The trustees may treat the actuary’s last relevant GN11 report as an insufficiency report.]
Textual Amendments
F14 Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 4
9.—(1) This regulation applies to a guaranteed cash equivalent when a statement of entitlement has been sent to a member of a salary related scheme by the trustees of the scheme.
(2) Where all or any of the benefits to which a guaranteed cash equivalent relates have been surrendered, commuted or forfeited before the date on which the trustees do what is needed to carry out what the member requires, that part of the guaranteed cash equivalent which relates to the benefits so surrendered, commuted or forfeited shall be reduced to nil.
(3) Where a scheme has on or after the guarantee date begun to be wound up, a guaranteed cash equivalent may be reduced to the extent necessary for the scheme to comply with [F19the winding up provisions (as defined in section 73B(10)(a) of the 1995 Act) and regulations made under those provisions ].
(4) If, by virtue of regulations made [F20under section 73B(4)(b)(i) of the 1995 Act by virtue of section 73B(5) of that Act, the winding up provisions (as so defined) apply] to a section of a scheme as if that section were a separate scheme, paragraph (3) shall apply as if that section were a separate scheme and as if the references therein to a scheme were accordingly references to that section.
(5) If a member’s guaranteed cash equivalent falls short of or exceeds the amount which it would have been had it been calculated in accordance with Chapter IV of Part IV of the 1993 Act and these Regulations it shall be increased or reduced to that amount.
(6) In a case where two or more of the paragraphs of this regulation fall to be applied to a calculation, they shall be applied in the order in which they occur in this regulation except that where paragraph (5) falls to be applied it shall be applied as at the date on which it is established that the guaranteed cash equivalent falls short of or exceeds the proper amount.
Textual Amendments
F19 Words in reg. 9(3) substituted (6.4.2005) by Occupational Pension Schemes (Winding Up etc.) Regulations 2005 (S.I. 2005/706) , regs. 1(2) , 15(7) (with reg. 15(11) )
F20 Words in reg. 9(4) substituted (6.4.2005) by Occupational Pension Schemes (Winding Up etc.) Regulations 2005 (S.I. 2005/706) , regs. 1(2) , 15(8) (with reg. 15(11) )
10.—(1) Subject to paragraph (2), if the trustees of a scheme, having received an application under section 95 of the 1993 Act, fail to do what is needed to carry out what the member requires within six months of the appropriate date the member’s cash equivalent, as calculated in accordance with regulations 7 to 9, shall be increased by the amount, if any, by which that cash equivalent falls short of what it would have been if the appropriate date had been the date on which the trustees carry out what the member requires.
(2) If the trustees of a scheme, having received an application under section 95 of the 1993 Act, fail without reasonable excuse to do what is needed to carry out what the member requires within six months of the appropriate date the member’s cash equivalent, as calculated in accordance with regulations 7 to 9, shall be increased by—
(a)interest on that cash equivalent calculated on a daily basis over the period from the appropriate date to the date on which the trustees carry out what the member requires, at an annual rate of one per cent. above base rate; or, if it is greater,
(b)the amount, if any, by which that cash equivalent falls short of what it would have been if the appropriate date had been the date on which the trustees carry out what the member requires.
Modifications etc. (not altering text)
C18 Reg. 10(2)(a) excluded (1.4.2008) by The Local Government Pension Scheme (Administration) Regulations 2008 (S.I. 2008/239) , regs. 1(1) , 78(5)
C19 Reg. 10(2)(a) excluded (S.) (1.4.2009) by Local Government Pension Scheme (Administration) (Scotland) Regulations 2008 (S.S.I. 2008/228) , regs. 1 , 73(5)
11.—[F21(1) Subject to paragraphs (1A) and (1B), an active member of any scheme, and a deferred member of a money purchase scheme, is entitled to receive from the trustees, on request, the information mentioned in Schedule 1 in writing.
(1A) Paragraph (1) does not apply where the request is made within 12 months of the last occasion that such information was provided to the member.
(1B) Information provided under paragraph (1) is to be provided by the trustees as soon as reasonably practicable, and in any event within three months after the date that the member makes the request.]
F22(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) For the purposes of [F23paragraph (1)] “active member" and “deferred member" have the meaning given to those expressions by section 124 of the 1995 Act (interpretation).
(4) The trustees must ensure that a statement of entitlement to a guaranteed cash equivalent is accompanied by—
(a)the information mentioned in Schedule 1 in relation to any cash equivalent of or transfer value in relation to the member’s money purchase benefits (if any) under the scheme, calculated by reference to the guarantee date;
(b)a statement in writing—
F24(i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(ii)indicating whether, and if so for what reasons and by what amount, the member’s [F25initial] has been reduced under [F26Schedule 1A] and if any such reduction has been made the statement shall indicate the paragraph of [F26Schedule 1A] which has been relied upon and shall give an estimate of the date (if any) by which it will be possible to make available a guaranteed cash equivalent which is not so reduced,
(iii)explaining the terms and effect of regulation 6(3) (no right to make an application for a guaranteed statement of entitlement within 12 months of the last such application),
(iv)explaining that if the member wishes to exercise his right to take the guaranteed cash equivalent the member must submit a written application to do so within three months beginning on the guarantee date, F27...
(v)explaining that in exceptional circumstances the guaranteed cash equivalent may be reduced and that the member will be informed if it is so reduced,[F28 and
(vi)where the scheme has begun to wind up, explaining that—
(aa)the value of the member’s guaranteed cash equivalent may be affected by the scheme’s winding up; [F29and]
(bb)a decision to take a guaranteed cash equivalent should be given careful consideration; and
F30( cc ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
[F31(c)the information mentioned in paragraph 3 of Schedule 1.]
[F32(4A) For the purposes of paragraph (4)(b)(vi), the question whether a scheme has begun to wind up shall be determined in accordance with section 124(3A) to (3D) of the 1995 Act.]
(5) Where a guaranteed cash equivalent is reduced or increased under regulation 9, the trustees must notify the member of that fact in writing within ten days (excluding Saturdays, Sundays, Christmas Day, New Year’s Day and Good Friday) and such notification must—
(a)state the reasons for and the amount of the reduction or increase;
(b)indicate the paragraph of regulation 9 which has been relied upon; and
(c)state that the member has a further three months, beginning with the date on which the member is informed of the reduction or increase, to make a written application to take the guaranteed cash equivalent as so reduced or increased.
(6) Where any person fails to comply with any requirement imposed upon that person by this regulation, the Regulatory Authority may [F33by notice in writing] require that person to pay, within 28 days, a penalty which—
(a)in the case of an individual, shall not exceed £1,000; and
(b)in any other case, shall not exceed £10,000.
[F34(7) The trustees may provide any information or notification under this regulation in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (giving information and documents).]
Textual Amendments
F21 Reg. 11(1)-(1B) substituted for reg. 11(1) (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(a)
F22 Reg. 11(2) omitted (E.W.S.) (1.10.2008) by virtue of Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(b)
F23Words in reg. 11(3) substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 5(c)
F24 Reg. 11(4)(b)(i) omitted (E.W.S.) (1.10.2008) by virtue of Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(e)
F25 Word in reg. 11(4)(b)(ii) inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(d)(ii)
F26 Words in reg. 11(4)(b)(ii) substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(d)(i)
F27 Word in reg. 11(4)(b)(iv) omitted (15.2.2005) by virtue of Occupational Pension Schemes (Winding Up, Deficiency on Winding Up and Transfer Values) (Amendment) Regulations 2005 (S.I. 2005/72) , regs. 1(1) , 4(a)(i)
F28 Reg. 11(4)(b)(vi) and word inserted (15.2.2005) by Occupational Pension Schemes (Winding Up, Deficiency on Winding Up and Transfer Values) (Amendment) Regulations 2005 (S.I. 2005/72) , regs. 1(1) , 4(a)(ii)
F29 Word in reg. 11(4)(b)(vi)(aa) inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(f)
F30 Reg. 11(4)(b)(vi)(cc) omitted (E.W.S.) (1.10.2008) by virtue of Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(e)
F31 Reg. 11(4)(c) inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 5(g)
F32 Reg. 11(4A) inserted (15.2.2005) by Occupational Pension Schemes (Winding Up, Deficiency on Winding Up and Transfer Values) (Amendment) Regulations 2005 (S.I. 2005/72) , regs. 1(1) , 4(b)
F33 Words in reg. 11(6) inserted (E.W.S.) (6.4.2009) by Occupational, Personal and Stakeholder Pensions (Miscellaneous Amendments) Regulations 2009 (S.I. 2009/615) , regs. 1(2) , 8(2)
F34 Reg. 11(7) added (6.4.2014) by The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (S.I. 2013/2734) , reg. 1(1) , Sch. 9 para. 3
Modifications etc. (not altering text)
C20 Reg. 11 applied (1.12.2000) by The Divorce etc. (Pensions) (Scotland) Regulations 2000 (S.S.I. 2000/112) , regs. 1(1) , 3(4)(b) (with reg. 1(2) )
C21 Reg. 11 applied (with application in accordance with art. 1(2) of the commencing S.I.) by The Divorce etc. (Pensions) Regulations 2000 (S.I. 2000/1123) , art. 3(1)(b) (2)(b) reg. 1(1)
12.—(1) The prescribed requirements referred to in section 95(2)(a)(ii) and (b)(ii) of the 1993 Act (cash equivalent of member’s rights in a scheme to be used for acquiring transfer credits or rights under another scheme or personal pension scheme) are that—
(a)if the member’s cash equivalent (or any portion of it to be used under section 95(2)(a) or (b) of the 1993 Act) is or includes the cash equivalent of accrued rights to guaranteed minimum pensions, then the scheme or personal pension scheme under whose rules transfer credits or rights are acquired is one to which those accrued rights may be transferred, or to which a transfer payment in respect of those accrued rights may be made, in accordance with regulation 2 of the Contracting-out (Transfer and Transfer Payment) Regulations 1996;
(b)if the member’s cash equivalent (or any portion of it to be used under section 95(2)(a) or (b) of the 1993 Act) is or includes the cash equivalent of accrued section 9(2B) rights, then the scheme or personal pension scheme under whose rules transfer credits or rights are acquired is one to which a transfer of liability in respect of those accrued rights may be made in accordance with regulation 7 of the Contracting-out (Transfer and Transfer Payment) Regulations 1996; [F35and]
F36(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F37(d) if the scheme from which rights are transferred or from which a transfer payment is made is registered under section 153 of the Finance Act 2004, the scheme or personal pension scheme to which rights are transferred or to which a transfer payment in respect of rights is made is registered under that section (except a scheme which was immediately before 6th April 2006 approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988) or is a qualifying recognised overseas pension scheme as defined in section 169 of the Finance Act 2004. ]
(2) The prescribed requirements referred to in section 95(2)(c) of the 1993 Act (cash equivalent to be used for purchasing annuities) are that—
(a)the annuity is provided by [F38an insurance policy] or an annuity contract which satisfies the requirements of regulations 2, 3[F39, 4 and 5 or, in the case of a pension or accrued benefit under a relevant scheme, regulation 11 of the Occupational Pension Schemes (Discharge of Liability) Regulations 1997] ;
(b)if the scheme from which rights are transferred is [F40registered under section 153 of the Finance Act 2004, the annuity satisfies requirements of Her Majesty’s Revenue and Customs.]
F41(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) The prescribed circumstances referred to in section 95(5)(a) of the 1993 Act (except in prescribed circumstances section 95(2) to be construed as if paragraph (d) were omitted) are that a member of a scheme who has acquired a right to a cash equivalent under section 94 of that Act has required the trustees to use the cash equivalent for subscribing to a pension arrangement mentioned in paragraph (5)(a).
(5) The prescribed requirements referred to in section 95(2)(d) of the 1993 Act (cash equivalent to be used for subscribing to pension arrangements not mentioned in section 95(2)(a) to (c)) are that the pension arrangement to which it is proposed to subscribe—
(a)is an overseas arrangement F42...;
(b)if F43... the cash equivalent is or includes the cash equivalent of accrued section 9(2B) rights, is one to which a transfer payment in respect of such rights may be made in accordance with regulation 11 of the Contracting-out (Transfer and Transfer Payment) Regulations 1996; and
(c)if the scheme from which rights are transferred [F44is registered under section 153 of the Finance Act 2004[F45, ]is a qualifying recognised overseas pension scheme as defined in section 169 of the Finance Act 2004.]
(6) In this regulation—
F46(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)“overseas arrangement" has the same meaning as in the Contracting-out (Transfer and Transfer Payment) Regulations 1996.
Textual Amendments
F35 Word in reg. 12(1)(b) added (6.4.2012) by The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) Order 2011 (S.I. 2011/1246) , arts. 1(2)(a) , 14(3)(a)
F36 Reg. 12(1)(c) omitted (6.4.2012) by virtue of The Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) Order 2011 (S.I. 2011/1246) , arts. 1(2)(a) , 14(3)(b)
F37 Reg. 12(1)(d) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(a)
F38 Words in reg. 12(2)(a) substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 6(a)
F39 Words in reg. 12(2)(a) substituted (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786) , reg. 1 , Sch. 1 para. 12(5)
F40 Words in reg. 12(2)(b) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(b)
F41 Reg. 12(3) omitted (6.4.2006) by virtue of The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(c)
F42 Words in reg. 12(5)(a) omitted (6.4.2006) by virtue of The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(d)(i)
F43 Words in reg. 12(5)(b) omitted (6.4.2006) by virtue of The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(d)(ii)
F44 Words in reg. 12(5)(c) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(d)(iii)
F45 Reg. 12(5)(c) substituted (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , regs. 1(1) , 6(b)
F46 Reg. 12(6)(a) omitted (6.4.2006) by virtue of The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744) , arts. 1 , 12(2)(e)
13. The Regulatory Authority may grant an extension of the period mentioned in section 99(2)(a) or, as the case may be, (b) of the 1993 Act (trustees’ duties after exercise of option) if the trustees have within that period applied to the Regulatory Authority for an extension and—
(a)the Regulatory Authority is satisfied that—
(i)the scheme is being wound up or is about to be wound up,
(ii)the scheme is ceasing to be a contracted-out scheme,
(iii)the interests of the members of the scheme generally will be prejudiced if the trustees do what is needed to carry out what is required within that period,
(iv)the member has not taken all such steps as the trustees can reasonably expect in order to satisfy them of any matter which falls to be established before they can properly carry out what the member requires,
(v)the trustees have not been provided with such information as they reasonably require properly to carry out what the member requires, or
(vi)the member’s guaranteed cash equivalent has been reduced or increased under regulation 9 or the member has disputed the amount of the cash equivalent;
(b)the provisions of section 53 of the 1993 Act M9 (supervision of formerly certified schemes) apply; F47...
(ba)[F48the scheme is or has been within the three months immediately before the end of that period the subject of a freezing order under section 23 of the Pensions Act 2004 which contains a direction under section 23(4)(f) of that Act; or]
(c)an application has been made for an extension on a ground specified in [F49paragraph (a), (b) or (ba)] and the Regulatory Authority’s consideration of the request cannot be completed before the end of that period.
Textual Amendments
F47 Word in reg. 13(b) deleted (6.4.2005) by Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations 2005 (S.I. 2005/686) , regs. 1(1) , 4(3)(a)
F48 Reg. 13(ba) inserted (6.4.2005) by Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations 2005 (S.I. 2005/686) , regs. 1(1) , 4(3)(b)
F49 Words in reg. 13(c) substituted (6.4.2005) by Pensions Regulator (Freezing Orders and Consequential Amendments) Regulations 2005 (S.I. 2005/686) , regs. 1(1) , 4(3)(c)
Marginal Citations
M9Section 53 was amended by paragraph 48 of Schedule 5 to the Pensions Act 1995.
14.—(1) Where a member’s guaranteed cash equivalent has been reduced or increased under regulation 9, section 94(1)(aa) of the 1993 Act does not apply, or ceases to apply, but if the member—
(a)has made a relevant application within three months beginning with the guarantee date; or
(b)makes a relevant application within three months beginning with the date on which the member is informed that the guaranteed cash equivalent is to be increased or reduced
the member acquires a right to the guaranteed cash equivalent as so increased or reduced.
(2) In any case in which a member, within three months beginning with the guarantee date, disputes the amount of the guaranteed cash equivalent, or, within three months beginning with the date on which that member is informed that the guaranteed cash equivalent is to be increased or reduced in accordance with regulation 9, disputes the basis or amount of the increase or reduction, section 94(1)(aa) does not apply, or ceases to apply, but if the member—
(a)has made a relevant application within three months beginning with the guarantee date; or
(b)makes a relevant application within three months beginning with the date on which the amount of the guaranteed cash equivalent is finally determined
the member acquires a right to the guaranteed cash equivalent at the amount so determined.
15. In their application to a member of a scheme whose normal pension age is earlier than 60, section 93(1)(a)(i) of the 1993 Act (scope of Chapter IV) shall have effect as if the words “at least one year" were omitted and sections 95(8)(a), 98(7)(a) (variation and loss of rights under section 94) and 99(2)(a) and (b) of that Act shall have effect as if the references in them to normal pension age were references to the age of 60.
16.—(1) This regulation applies where—
(a)a member has acquired a right under section 94 of the 1993 Act to a cash equivalent but has not exercised the option conferred by section 95 of that Act; and
(b)the member’s accrued rights have been transferred to another scheme without that member’s consent.
(2) Where this regulation applies, Chapter IV of Part IV of the 1993 Act shall have effect as if the member’s right to a cash equivalent of the benefits in respect of which a transfer or transfer payment has been made existed in relation to the receiving scheme instead of the transferring scheme.
17.—(1) This regulation applies to schemes with any overseas element, as described in section 165(6) of the 1993 Act (requirements as to preservation of benefit under occupational pension schemes).
(2) Where this regulation applies, Chapter IV of Part IV of the 1993 Act applies to schemes with any overseas element only to the extent that the requirements specified in or under sections 71 to 82 of the 1993 Act (the preservation requirements) apply to the scheme.
18.—(1) Subject to paragraph (3), where a member’s pensionable service terminates in the circumstances set out in paragraph (2), Chapter IV of Part IV of the 1993 Act shall have effect as if that pensionable service had not terminated.
(2) The circumstances referred to in paragraph (1) are that—
(a)the pensionable service which has terminated is a period of such service which is one, other than the last one, of a series of such periods in employment to which the scheme relates; and
(b)there is between successive periods of pensionable service—
(i)no interval,
(ii)an interval not exceeding one month,
(iii)an interval of any length if it is between two periods of pensionable service the second of which results from the exercise of a right to return to work under section 79 of the Employment Rights Act 1996, or
(iv)an interval of any length if it is between two periods of pensionable service the second of which results from a return to work by the member following a period of absence arising in consequence of a trade dispute within the meaning of section 35 of the Jobseekers Act 1995 M10.
(3) This regulation shall not have effect where the trustees of a scheme, during any interval such as is set out in paragraph (2)(b)(ii) to (iv), do what is needed to carry out what a member requires in exercising an option under section 95 of the 1993 Act.
Modifications etc. (not altering text)
C22Reg. 18 restricted (1.4.2008) by The Local Government Pension Scheme (Administration) Regulations 2008 (S.I. 2008/239), regs. 1(1), 78(6)
C23Reg. 18 excluded (S.) (1.4.2009) by Local Government Pension Scheme (Administration) (Scotland) Regulations 2008 (S.S.I. 2008/228), regs. 1, 73(6)
Marginal Citations
19.—(1) In this regulation “hybrid scheme" means a scheme which is a salary related scheme but under which some of the benefits which may be provided are money purchase benefits.
(2) In relation to a hybrid scheme—
(a)section 93A(1) of the 1993 Act shall take effect as if after the word “benefits" there were added the words “other than money purchase benefits";
(b)section 94(1)(a) of the 1993 Act shall take effect as if the words “other than a salary related scheme" were omitted and as if for the words “any benefits" there were substituted the words “any money purchase benefits"; and
(c)section 96(1)(a) of the 1993 Act (further provisions concerning exercise of option under section 95) shall take effect as if it read “in relation to both the whole of his guaranteed cash equivalent and the whole of any other cash equivalent such as is mentioned in section 94(1)(a);".
20. Where section 10 of the 1995 Act (civil penalties) applies by virtue of section 93A(4) or section 99(7) of the 1993 Act, the maximum amount for the purposes of section 10(2) of the 1995 Act shall be £1,000 in the case of an individual and £10,000 in any other case.
21.—(1) Subject to paragraph (2) and Schedule 2, the regulations listed in column 2 of Schedule 3 (some of which are spent) are revoked to the extent specified in column 3 of that Schedule.
(2) Where an application under section 95 of the 1993 Act has been made before the date on which these Regulations come into force, regulations 2 to 20 shall not apply for the purposes of dealing with that application and for those purposes the Occupational Pension Schemes (Transfer Values) Regulations 1985 M11 (as in force immediately before these Regulations came into force) shall continue to apply, subject to the modifications set out in Schedule 2, until the trustees have done what is needed to carry out what the member requires or until that application has been withdrawn.
Marginal Citations
M11S.I. 1985/1931, amended by S.I. 1986/751, S.I. 1986/1046, S.I. 1986/2171, S.I. 1987/1107, S.I. 1987/1114, S.I. 1988/474, S.I. 1988/476, S.I. 1988/523, S.I. 1988/1016, S.I. 1990/1142, S.I. 1991/167 and S.I. 1994/1062.
Signed by authority of the Secretary of State for Social Security.
Oliver Heald
Parliamentary Under-Secretary of State,
Department of Social Security
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