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The National Health Service Pension Scheme, Injury Benefits and Additional Voluntary Contributions (Amendment) Regulations 2016
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- UK Statutory Instruments
- 2016 No. 245
- Part 2
- Regulation 10
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Amendment of regulation M1
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10.—(1) Regulation M1 (member’s right to transfer or buy out) is amended as follows.
(2) For sub-paragraphs (a) and (b) of paragraph (2)(1), substitute—
“(a)to purchase one or more buy-out policies from one or more insurance companies chosen by the member that satisfies the requirements set out in regulation 12(2) of the Occupational Pension Schemes (Transfer Values) Regulations 1996;
(b)to acquire rights under a personal pension scheme or another occupational pension scheme;”.
(3) After paragraph (2), insert—
“(2A) Any use of the cash equivalent of a member’s rights under paragraph (2) must satisfy the requirements of Chapter 1 of Part 4ZA of the 1993 Act.”.
(1)
Paragraph (2) was last amended by regulations 2 and 10 of S.I. 2009/2446.
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