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Regulation 3
1. Subject to paragraphs 2 to 4, the receiving scheme must in respect of the rights transferred—
(a)provide for pensions payable at the rates at which guaranteed minimum pensions would have been payable by the transferring scheme if the transfer had not taken place; and
(b)contain the same provision for commencement and continuation of payment of those pensions and (if any) for commutation, suspension and forfeiture as for guaranteed minimum pensions provided by the receiving scheme in accordance with sections 13(1) and 17(2) of the 1993 Act.
2. Subject to paragraphs 3 and 4, the arrangements for the transfer (in this Schedule called “the arrangements”) must contain provision that the earner’s earnings factors which are attributable to any particular period of service, or the weekly equivalent derived therefrom, will be increased at the same rate under the receiving scheme as that at which they or it would have fallen to be increased under the transferring scheme if—
(a)his service in contracted-out employment by reference to the transferring scheme had been terminated; but
(b)the transfer had not taken place.
3. If the weekly equivalent derived from the earnings factors which are attributable to any particular period of service was not, before the transfer, affected by a provision made, or a provision analogous to one made, under section 16(2) and (3) of the 1993 Act, the arrangements may contain a provision analogous to one made under section 16(2) and (3) in relation to it.
4. If the weekly equivalent derived from the earnings factors which are attributable to any particular period of service was, before the transfer, affected by a provision made, or a provision analogous to one made, under section 16(2) and (3) of the 1993 Act, the arrangements may contain a provision that those earnings factors will be increased under the receiving scheme at the same rate as that at which they would have fallen to be increased if—
(a)there had never been a provision made, or a provision analogous to one made; or
(b)in the case only of the first transfer of the rights in question, a different provision had been made
under section 16(2) and (3) relating to that weekly equivalent.
5. The receiving scheme must provide for pensions to be paid which are of at least equal value to the annuity which would have been payable by the transferring policy, had the transfer not taken place, in respect of the earner’s accrued rights to guaranteed minimum pensions.
6. The date of commencement of the pension the liability for which is transferred—
(a)if payable to the person who has become entitled to it, must be the date from which liability for payment is assumed by the receiving scheme; and
(b)if payable to his widow or her widower, must be the same as it would have been under the provisions of the transferring scheme
and the receiving scheme must contain the same provision (if any) for suspension and forfeiture of that pension as for guaranteed minimum pensions provided by the receiving scheme in accordance with section 13 or (as the case may be) 17 of the 1993 Act.
Regulations 12 and 13
1. The definition of “guaranteed minimum pension” in section 8(2) shall have effect as if—
(a)after the words “sections 13 to 17” there were inserted the words “or with those requirements as modified by paragraph 6 of Schedule 1 to the Contracting-out (Transfer and Transfer Payment) Regulations 1996 (or, as the case may be, by paragraph 5 of Schedule 2 to the Contracting-out (Transfer) Regulations 1985) or in compliance with the condition set out in paragraph 1 of Schedule 1 to the Contracting-out (Transfer and Transfer Payment) Regulations 1996 (or, as the case may be, in paragraph 1 of Schedule 2 to the Contracting-out (Transfer) Regulations 1985)”;
(b)at the end there were added the words “or of that condition”.
2. Section 46 shall have effect as if the reference in subsection (1)(b) to one or more guaranteed minimum pensions included the guaranteed minimum pensions which would have been payable if they had been preserved in and paid by the transferring scheme or policy.
3. Section 14(1) shall have effect as if the reference to employment which is contracted-out by reference to the scheme included a reference to employment in any period of linked qualifying service which was contracted-out by reference to the transferring scheme.
4. Section 20(6) shall have effect as if after the words “sections 13 and 17” there were inserted the words “or with those requirements as modified by paragraph 6 of Schedule 1 to the Contracting-out (Transfer and Transfer Payment) Regulations 1996 (or, as the case may be, by paragraph 5 of Schedule 2 to the Contracting-out (Transfer) Regulations 1985) or in compliance with the condition set out in paragraph 1 of Schedule 1 to the Contracting-out (Transfer and Transfer Payment) Regulations 1996 (or, as the case may be, in paragraph 1 of Schedule 2 to the Contracting-out (Transfer) Regulations 1985)”.
5. Section 159 shall have effect as if subsections (1)(b) and (3) were omitted.
6. The definition of “guaranteed minimum pension” in section 8(2) shall have effect as if—
(a)after the words “sections 13 and 17” there were inserted the words “or in compliance with the condition set out in paragraph 5 of Schedule 1 to the Contracting-out (Transfer and Transfer Payment) Regulations 1996 (or, as the case may be, in regulation 2A(4) of the Contracting-out (Transfer) Regulations 1985)”; and
(b)at the end there were added the words “or of that condition”.
7. Section 14(1) shall have effect as if the reference to employment which is contracted-out by reference to the scheme included a reference to employment in any period of linked qualifying service which was contracted-out by reference to the transferring scheme.
8. Section 20(6) shall have effect as if after the words “sections 13 and 17” there were inserted the words “or in compliance with the condition set out in paragraph 5 of Schedule 1 to the Contracting-out (Transfer and Transfer Payment) Regulations 1996 (or, as the case may be, in regulation 2A(4) of the Contracting-out (Transfer) Regulations 1985)”.
9. Section 159 shall have effect as if subsections (1)(b) and (3) were omitted.
Regulation 14
Column 1 | Column 2 | Column 3 |
---|---|---|
Statutory Instrument Number | Statutory Instrument | Provision revoked |
S.I. 1985/1323 | The Contracting-out (Transfer) Regulations 1985 | The whole of the Regulations |
S.I. 1986/317 | The Occupational Pension Schemes (Contracting-out) Amendment Regulations 1986 | Regulation 3 |
S.I. 1986/1716 | The Contracting-out (Requisite Benefits—Consequential Provisions) Regulations 1986 | Regulation 5(2) |
S.I. 1987/1099 | The Contracting-out (Transfer) Amendment Regulations 1987 | The whole of the Regulations |
S.I. 1987/1114 | The Personal and Occupational Pension Schemes (Consequential Provisions) Regulations 1987 | Regulation 6 |
S.I. 1988/475 | The Contracting-out (Miscellaneous Amendments) Regulations 1988 | Regulation 4 |
S.I. 1994/1062 | The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 | Schedule 2, paragraph 5 |
Regulation 14
In a case such as is mentioned in regulation 14(3), the Contracting-out (Transfer) Regulations 1985 are modified as follows:
(a)all references to the Occupational Pensions Board are replaced by references to the Secretary of State;
(b)the definition of “overseas scheme” is replaced by the definition of “overseas scheme” in these Regulations; and
(c)the definition of “section 53 money purchase scheme” is replaced by the definition “ “section 53 money purchase scheme” means a scheme which was formerly a money purchase contracted-out scheme and in respect of which section 53 applies” and the definition of “section 53 salary related scheme” is replaced by the definition “ “section 53 salary related scheme” means a scheme which was formerly a salary related contracted-out scheme and in respect of which section 53 applies”.
Section 13 was amended by paragraph 26 of Schedule 5 to the Pensions Act 1995.
Section 17 was amended by paragraph 29 of Schedule 5 to the Pensions Act 1995.
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