C1Part III Certification of Pension Schemes and Effects on Members’ State Scheme Rights and Duties
Chapter I Certification
General requirements for certification
6 Protected rights and money purchase benefits.
1
Subject to F1the following provisions of this section, the protected rights of a member of a pension scheme are his rights to money purchase benefits under the scheme.
2
If the rules of an occupational pension scheme so provide, a member’s protected rights are—
a
b
any rights of the member to money purchase benefits which derive from protected rights under another occupational pension scheme or under a personal pension scheme which have been the subject of a transfer payment; and
c
such other rights as may be prescribed.
3
If the rules of a personal pension scheme so provide, a member’s protected rights are—
a
his rights under the scheme which derive from any payment of minimum contributions to the scheme; and
b
any rights of his to money purchase benefits which derive from protected rights under another personal pension scheme or protected rights under an occupational pension scheme which have been the subject of a transfer payment; and
c
such other rights as may be prescribed.
F44
Where, in the case of a scheme which makes such provision as is mentioned in subsection (2) or (3), a member’s rights under the scheme become subject to a pension debit, his protected rights shall exclude the appropriate percentage of the rights which were his protected rights immediately before the day on which the pension debit arose.
5
For the purposes of subsection (4), the appropriate percentage is—
a
if the order or provision on which the pension debit depends specifies the percentage value to be transferred, that percentage;
b
if the order or provision on which the pension debit depends specifies an amount to be transferred, the percentage which the appropriate amount for the purposes of paragraph (1) of Article 26 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (lesser of specified amount and cash equivalent of transferor’s benefits) represents of the amount mentioned in paragraph (3)(b) of that Article (cash equivalent of transferor’s benefits).
Pt. 3: power to modify conferred (1.6.1996 for certain purposes otherwise 6.4.1997) by S.I. 1995/3213 (N.I. 22), art. 146(1); S.R. 1996/91, art. 2(f); S.R. 1997/192, art. 2
Pt. 3: power to transfer functions conferred (1.4.1999) by 1999 c. 2, s. 23(1)(2)(6); S.I. 1999/527, art. 2(b), Sch. 2