- Latest available (Revised)
- Original (As made)
There are currently no known outstanding effects for the The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015, Section 1.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
1.—(1) These Regulations may be cited as the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015.
(2) They come into force on 6th April 2015.
(3) In these Regulations—
“the Act” means the Pension Schemes Act 2015;
“the 1993 Act” means the Pension Schemes Act 1993M1;
“active member” has the meaning given in section 99 of the Pensions Act 2008M2;
“cash equivalent” means a cash equivalent mentioned in sections 93A and 94 F1... M3 (right to statement of entitlement – benefits others than money purchase; right to cash equivalent) [F2or, as the case may be, a cash equivalent mentioned in sections 101F (power to give transfer notice) and 101H (benefits other than money purchase) of the 1993 Act];
[F3“eligible member” has the meaning given by section 101P(1) of the 1993 Act (interpretation of Chapter II);]
“FCA” means the Financial Conduct Authority;
“guarantee date” has the meaning given in section 93A of the 1993 Act (right to statement of entitlement);
[F4“pension credit rights” has the meaning given in section 101B of the 1993 Act (interpretation);]
“Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001M4;
“relevant transaction” means a transfer payment, conversion of benefits or payment of a lump sum to which section 48(1) of the Act applies[F5, or would apply but for the exception in regulation 5(1)];
“statement of entitlement” means a statement of entitlement within the meaning of section 93A of the 1993 Act;
“Transfer Values Regulations” means the Occupational Pension Schemes (Transfer Values) Regulations 1996M5;
“valuation date” means —
where the member is exercising the member's right to take a cash equivalent under Chapter 1 of Part 4ZA of the 1993 ActM6, the guarantee date; F6...
[F7where an eligible member is, under section 101F of the 1993 Act, exercising the right to take an amount equal to the cash equivalent of the eligible member’s pension credit rights, the date determined in accordance with section 101H(2) of that Act; or]
in any other case, the date chosen by the trustees or managers which must be a date within the period of 2 months that begins on the first day of the one month period which ends on the date the decision by the trustees or managers referred to in regulation 9(2)(b) is made;
“writing” includes electronic communication and ‘electronic communication’ has the meaning given in section 15(1) of the Electronic Communications Act 2000M7 (general interpretation).
[F8“written statement of the amount of the cash equivalent” has the meaning given in section 101H(1) of the 1993 Act.]
Textual Amendments
F1Words in reg. 1(3) omitted (6.4.2016) by virtue of The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 9(2)(a)(i)
F2Words in reg. 1(3) inserted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 9(2)(a)(ii)
F3Words in reg. 1(3) inserted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 9(2)(b)
F4Words in reg. 1(3) inserted (6.4.2018) by The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment No. 2) Regulations 2017 (S.I. 2017/1272), regs. 1, 3 (with reg. 6)
F5Words in reg. 1(3) inserted (6.4.2018) by The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment) Regulations 2017 (S.I. 2017/717), regs. 1, 3
F6Word in reg. 1(3) omitted (6.4.2016) by virtue of The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 9(2)(c)(i)
F7Reg. 1(3) inserted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 9(2)(c)(ii)
F8Words in reg. 1(3) inserted (6.4.2016) by The Pension Sharing (Miscellaneous Amendments) Regulations 2016 (S.I. 2016/289), regs. 1(2), 9(2)(d)
Marginal Citations
M3Section 93A was inserted by section 153 of the Pensions Act 1995 (c.26). Sections 93A and 94 were substituted by paragraph 8 of Schedule 4 to the Pension Schemes Act 2015.
M4S.I. 2001/544. Relevant amendments are made by S.I. 2015/731.
M5S.I. 1996/1847. Relevant amendments are made by S.I. 2005/706, S.I. 2008/2450, S.I. 2008/1050, S.I. 2014/1711 and S.I. 2015/498.
M6Part 4ZA was renamed by paragraph 4 of Schedule 4 to the Pension Schemes Act 2015.
M72000 c.7. Section 15(1) was amended by section 406(1) of, and paragraph 158 of Schedule 17 to, the Communications Act 2003 (c.21).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: