Modifications etc. (not altering text)
C1Parts of Pt. III are modified, on transfers from contracted-out schemes, by reg. 3 of, and Sch. 3 to S.I. 1985/1323.
(1)The Secretary of State may by regulations provide that, in such cases and subject to such conditions as may be prescribed, if—
(a)an earner in employment to which an occupational pension scheme [F2which is not a money purchase contracted-out scheme] applies has ceased, whether before or after the commencement of this section, to be in that employment before attaining normal pension age; and
(b)there has been a transfer from that scheme to another scheme of his accrued rights . . . F3 other than his accrued rights to his and his widow’s guaranteed minimum pensions; and
[F4(c)the scheme to which his accrued rights are transferred is neither a contracted-out scheme nor one which was formerly contracted-out and in respect of which the Occupational Pensions Board have duties under section 49 below at the time of the transfer; and]
(d)no accrued rights premium is payable in respect of the earner; and
(e)the circumstances in which by virtue of section 42(1)(a) and (b) above a contributions equivalent premium is payable do not exist,
a state scheme premium may be paid to the Secretary of State by the prescribed person within a prescribed time after the prescribed event.
(2)A premium under subsection (1) above may be referred to as a “”.
(3)The amount of a transfer premium shall be determined in the manner in which the amount of an accrued rights premium falls to be determined under section 44 above, except that—
(a)subsection (6) shall be disregarded; and
(b)the Secretary of State shall apply the actuarial table prescribed for the purpose of calculating the amount of an accrued rights premium in such manner as may be prescribed.
(4)Payment of a transfer premium shall extinguish the earner’s accrued rights to guaranteed minimum pensions under the scheme from which his other accrued rights . . . F5 have been transferred.]
Textual Amendments
F1S. 44A inserted by Social Security Act 1985 (c. 53), Sch. 1, para. 1
F2Words inserted (with effect from 6.4.1988) by Social Security Act 1986 (c. 50), Sch. 2, para. 6(1)(g)
F3Words repealed by Social Security Act 1986 (c. 50), Sch. 11
F4S. 44A(1)(c) substituted (with effect from 1.10.1989) by Social Security Act 1989 (c. 24), Sch. 6, para. 11.
F5Words repealed by Social Security Act 1986 (c. 50), Sch. 11.