The Personal and Occupational Pension Schemes (Modification of Enactments) Regulations 1987

Regulation 5(3)

SCHEDULE 6 OTHER MODIFICATIONS OF SCHEDULE 1A TO THE SOCIAL SECURITY PENSIONS ACT 1975 IN CONSEQUENCE OF PART I OF THE SOCIAL SECURITY ACT 1986

1.  In paragraph 13(2)(a), the substitution, for “another scheme”, of “another occupational pension scheme, or for acquiring rights allowed under the rules of a personal pension scheme”, and the insertion, after “whose trustees or managers” and after “which”, of “, in either case,”;

2.  In paragraph 13(2)(b), the insertion, at the beginning, of “except in respect of the cash equivalent of his protected rights, if any, under a scheme which is, or was formerly, a money purchase contracted-out scheme”;

3.  In paragraph 13(5), the substitution, for paragraphs (a) and (b), of the following paragraphs—

“(a) the trustees or managers of an occupational pension scheme which is not a contracted-out scheme, or of a personal pension scheme which is not an appropriate scheme, are able or willing to accept a transfer payment only in respect of a member’s rights other than his accrued rights to guaranteed minimum pensions or his protected rights; and

(b) the member has not required the trustees or managers of the scheme from which he is being transferred to use that portion of his cash equivalent that represents guaranteed minimum pensions or protected rights in any of the ways specified in sub-paragraph (2) above,”.

4.  In paragraph 13(6), the addition, at the end, of “or his protected rights”.

5.  In paragraph 14(3)(a)(ii), the insertion, after “guaranteed minimum pensions”, of “or give effect to protected rights”.

6.  In paragraph 16(2), the substitution, for “such case as is” and “such guaranteed minimum pensions” of “such cases as are” and “such guaranteed minimum pensions or give effect to such protected rights” respectively.