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The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994

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The Personal Pension Schemes (Transfer Values) Regulations 1987(1)

17.—(1) The Personal Pension Schemes (Transfer Values) Regulations 1987 shall be amended as follows—

(2) In regulation 1(2)—

(a)in the definition of “the Act” for “Social Security Pensions Act 1975” substitute “Pension Schemes Act 1993”;

(b)in the definition of “cash equivalent” for “Part II” onwards substitute “Chapter IV ofPart IV of the Act as it applies to personal pension schemes”;

(c)in the definition of “member” for “Part II” onwards substitute “Chapter IV of Part IV of the Act applies”;

(d)the definition of “the Modification Regulations” shall be omitted;

(e)in the definitions of “money purchase benefits” and “personal pension scheme” for “section 84(1) of the Social Security Act 1986” substitute “section 181(1) of the Act”;

(f)in the definition of “protected rights” for “Schedule 1” onwards substitute “section 10 of the Act”;

(g)in the definition of “receiving scheme” for “paragraph 13(2)(a)” onwards substitute “section 95(3)(a) or (b) of the Act”;

(h)for “Part II”, in the third place where it occurs, to the end of the paragraph substitute “Chapter IV of Part IV of the Act as it applies to personal pension schemes”.

(3) In regulation 2—

(a)for “paragraph 13(2)(a) of Schedule 1A to the Act as applied to personal pension schemes by the Modification Regulations” in the first place it occurs substitute “section 95(3)(a)and (b) of the Act”;

(b)for “paragraph 13(2)(a) of Schedule 1A to the Act, as applied to personal pension schemes by the Modification Regulations” in the second place it occurs substitute “section 95(3)(a) or (b) of the Act”.

(4) In regulation 2A—

(a)in paragraph (1) for “paragraph 13(3) of Schedule 1A to the Act”, “paragraph 13(2)” and “paragraph 12 of Schedule 1A to the Act” substitute respectively “section 95(5)(b) of the Act”, “section 95(3) of the Act” and “section 94 of the Act”;

(b)in paragraph (2) for “paragraph 13(2)(c) of Schedule 1A to the Act” substitute “section 95(3)(c) of the Act”;

(c)in paragraph (3) omit “within the meaning of the Social Security Act 1986”.

(5) In regulation 3 for “Schedule 1A to the Act as applied to personal pension schemes by the Modification Regulations”, in both places it occurs, substitute “Chapter IV of Part IV of the Act”.

(6) In regulation 4—

(a)in paragraph (1) for “paragraph 12(1) of Schedule 1A to the Act as applied to personal pension schemes by the Modification Regulations” substitute “section 94(1)(b) of the Act”;

(b)in paragraph (4) for “paragraph 12(2) of Schedule 1A to the Act, as applied to personal pension schemes by the Modification Regulations” substitute “section 94(2) of the Act”.

(1)

S.I. 1987/1112.

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