Amendment of regulation N1 of the Superannuation Scheme Regulations14

For regulation N1(1) of the Superannuation Scheme Regulations11(member’s right to transfer accrued rights to benefits to the scheme), substitute–

1

Within 12 months after joining the scheme, a member in pensionable employment may, in writing, request the Scottish Ministers to accept a transfer payment in respect of the member’s rights under another occupational pension scheme, a personal pension scheme, or a buy– out policy but not in respect of rights under a free-standing AVC scheme–

a

established on, or after, 6th April 2006 as a registered free-standing AVC scheme for the purposes of the 2004 Act; or

b

which on 6th April 2006 became a registered free-standing AVC scheme for the purposes of the 2004 Act and which immediately before that date was approved by the Commissioners for Her Majesty’s Revenue and Customs by virtue of section 591(2)(h) of the Taxes Act (free– standing AVC schemes).