[F112CTransfer, commutation, etcE+W+S
(1)Regulations may prohibit or restrict—
(a)the transfer of any liability—
(i)for the payment of pensions under a relevant scheme, or
(ii)in respect of accrued rights to such pensions,
(b)the discharge of any liability to provide pensions under a relevant scheme, or
(c)the payment of a lump sum instead of a pension payable under a relevant scheme,
except in prescribed circumstances or on prescribed conditions.
(2)In this section “relevant scheme” means a scheme contracted out by virtue of section 9(2B) of this Act and references to pensions and accrued rights under the scheme are to such pensions and rights so far as attributable to an earner’s service on or after the principal appointed day.
(3)Regulations under subsection (1) may provide that any provision of this Part shall have effect subject to such modifications as may be specified in the regulations.]
Textual Amendments
F1Ss. 12A-12D and cross-heading inserted (6.4.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 136(5), 180(1); S.I. 1996/778, art. 2(5)(a)(7), Sch. Pt. 5
Modifications etc. (not altering text)
C1S. 12C applied (1.4.1998) by The Local Government Pension Scheme (Scotland) Regulations 1998 (S.I. 1998/366), regs. 1, 58(5)(6)
C2S. 12C(1) extended (with modifications) (6.4.1997) by The Occupational Pension Schemes (Discharge of Liability) Regulations 1997 (S.I. 1997/784), regs. 1(1), 11(3)(e)(6)