19 Accrued rights and entitlement to benefits under occupational pension schemes. E+W+S
(1)The following subsections shall be substituted for section 38(1) and (2) of the Social Security Pensions Act 1975—
“(1)Regulations may prescribe circumstances in which and conditions subject to which—
(a)an earner’s accrued rights to the requisite benefits under a contracted-out scheme; or
(b)the liability for the payment of such benefits to or in respect of any person who has become entitled to them,
may be transferred to another occupational pension scheme.
(1A)Any such regulations may be made so as to apply to earners who are not in employment at the time of the transfer.
(1B)Regulations under subsection (1) above may provide that any provision of this Part of this Act shall have effect, where there has been a transfer to which they apply, subject to such modifications as may be specified in the regulations.
(1C)Regulations under subsection (1) above shall have effect in relation to transfers whenever made unless they provide that they are only to have effect in relation to transfers which take place after they come into force.
(1D)The power conferred by subsection (1) above is without prejudice to the generality of section 166(2) of the principal Act.”.
(2)In section 44 of that Act (premium on termination of contracted-out scheme)—
(a)the following subsections shall be inserted after subsection (1)—
“(1A)Regulations may provide that any provision of this Part of this Act shall have effect where the Occupational Pensions Board have approved arrangements under subsection (1) above subject to such modifications as may be specified in the regulations.
(1B)Any such regulations shall have effect in relation to arrangements whenever approved, unless they provide that they are only to have effect in relation to arrangements approved after they come into force.”; and
(b)the following subsection shall be inserted after subsection (9)—
“(10)Any reference to earners in this section includes, in relation to any particular time, not only a reference to earners who are in employment at that time but also a reference to earners who are not in employment at that time but who have been in employment before it or will be in employment after it.”.
Modifications etc. (not altering text)
Marginal Citations