The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2016

Amendment to regulation 2

8.—(1) In regulation 2(1) (interpretation), after the definition of “transferrable rights” insert—

““unfunded public service defined benefits scheme” has the meaning given in section 95(2C) of the 1993 Act (ways of taking right to cash equivalent)(1);”.

(2) In regulation 2(2), for sub-paragraph (a) substitute—

“(a) a member has an opportunity to transfer flexible benefits where—

(i) the member—

(aa) has transferrable rights in relation to flexible benefits; or

(bb) would have transferrable rights in relation to flexible benefits if the member stopped accruing rights to some or all of the flexible benefits (see sub-paragraph (b)),

and the making of a transfer or transfer payment in respect of the flexible benefits is not prohibited by section 135(4)(a) of the 2004 Act (restrictions on winding up, discharge of liabilities etc.)(2); or

(ii) the member has an opportunity to transfer accrued rights to flexible benefits out of the scheme under the scheme rules;”.

(1)

1993 c. 48. Section 95(2C) was inserted by section 68(1) and (3) of the Pension Schemes Act 2015 (“the 2015 Act”).

(2)

See regulation 2(1) of S.I. 2013/2734 for the meaning of “the 2004 Act”. Section 135(4) was amended by section 58(3) of the 2015 Act.