C1C4C5C3C6Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)

C4C5C3C6Chapter 7Compliance

Penalties

I1C4C5C3C6266C4C5C3C6Transfers to insured schemes

1

This section applies where sums held for the purposes of, or representing accrued rights under, a registered pension scheme (“the transferor scheme”) are transferred so as to become held for the purposes of, or to represent rights under, a registered pension scheme that is an insured scheme (“the transferee scheme”).

C22

The scheme administrator of the transferor scheme is liable to a penalty not exceeding £3,000 unless the sums are transferred either to the scheme administrator of the transferee scheme or to a relevant insurance company.

3

In this section—

  • “insured scheme” means a pension scheme all the income and other assets of which are invested in policies of insurance, and

  • “relevant insurance company” means an insurance company that issued any of the policies of insurance.