The Contracting-out (Transfer and Transfer Payment) Regulations 1996 No. 1462

PART II TRANSFERS OF AND TRANSFER PAYMENTS IN RESPECT OF GUARANTEED MINIMUM PENSIONS

Transfers of guaranteed minimum pensions to [F1 schemes that were] salary-related contracted-out schemes

3.  A transfer may be made to a [F2 scheme that was a] salary-related contracted-out scheme if—

(a) the earner or person concerned consents in writing;

(b) in the case of a transfer of the accrued rights of an earner—

(i) the earner is employed by an employer who is a contributor to the receiving scheme, or

(ii) the earner has previously been a member of the receiving scheme;

(c) F3 ... the conditions specified in paragraphs 1 to 4 of Schedule 1 are satisfied, unless the transfer is from an appropriate policy in which case the condition set out in paragraph 5 of Schedule 1 must be satisfied;

(d) in the case of a transfer of the accrued rights of an earner from an appropriate policy, the receiving scheme does not make provision under section 16(2) and (3) of the 1993 Act M1 (revaluation of earnings factors for purposes of section 14: early leavers etc.), or any analogous provision, in relation to the rights transferred where the effect would be to increase them at a different rate from that at which they would have been increased had the transfer not taken place; and

(e) in the case of a transfer of liability for the payment of guaranteed minimum pensions to or in respect of a person who has become entitled to them, the transfer is from a scheme and the conditions set out in paragraph 6 of Schedule 1 are satisfied.

Textual Amendments

F1 Words in reg. 3 inserted (6.4.2016) by The Pensions Act 2014 (Abolition of Contracting-out for Salary Related Pension Schemes) (Consequential Amendments and Savings) Order 2016 (S.I. 2016/200), arts. 1(2), 4(3)(a)

F2 Words in reg. 3 inserted (6.4.2016) by The Pensions Act 2014 (Abolition of Contracting-out for Salary Related Pension Schemes) (Consequential Amendments and Savings) Order 2016 (S.I. 2016/200), arts. 1(2), 4(3)(b)

F3 Words in reg. 3(c) omitted (6.4.2016) by virtue of The Pensions Act 2014 (Abolition of Contracting-out for Salary Related Pension Schemes) (Consequential Amendments and Savings) Order 2016 (S.I. 2016/200), arts. 1(2), 4(3)(c)

Marginal Citations

M1 Section 16(3) was amended by paragraph 28 of Schedule 5 to the Pensions Act 1995.