1996 No. 1537
The Personal and Occupational Pension Schemes (Protected Rights) Regulations 1996
Made
Laid before Parliament
Coming into force
The Secretary of State for Social Security, in exercise of the powers conferred upon him by sections 9(3) and (5), 10(2) and (3), 27(3), 28(1A) and (2) to (5), 28A(3) and (5), 29(1), (3) and (4), 32, 155, 181(1), 182(2) and (3) and 183(3) of the Pension Schemes Act 1993M1 and of all other powers enabling him in that behalf, after agreement with the Occupational Pensions Board that certain proposals within these Regulations need not be referred to it, by this instrument, which otherwise contains regulations made for the purposes of consolidating regulations revoked herein and regulations which are consequential upon Part III of the Pensions Act 1995M2 and are made before the end of the period of 6 months beginning with the coming into force of the enactments of that Part by virtue of which they are madeM3, hereby makes the following regulations:
See section 185 of the Pension Schemes Act 1993 and section 173 of the Social Security Administration Act 1992 (c.5), under which the requirement to consult does not apply where regulations are made only for the purpose of consolidating other regulations revoked by them or are consequential upon a specific enactment and are made before the end of the period of six months beginning with the coming into force of that enactment.
Citation, commencement and interpretation1
1
These Regulations may be cited as the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1996 and shall come into force on 6th April 1997.
2
F10F11F27... In these Regulations, unless the context otherwise requires—
“the 1993 Act” means the Pension Schemes Act 1993;
F9...
“child benefit” has the same meaning as in the Social Security Contributions and Benefits Act 1992 M4;
F8“income withdrawal” has the meaning given by paragraph 7 of Schedule 28 to the Finance Act 2004;
F8“lifetime annuity” has the meaning given by paragraph 3 of Schedule 28 to the Finance Act 2004;
F5“marital or civil partnership status”, in relation to a person, means whether that person has previously formed a marriage or a civil partnership and, if so, whether that marriage or civil partnership has ended;
“member” means member of an occupational pension scheme or a personal pension scheme;
“money purchase contracted-out scheme” has the same meaning as in section 8(1)(a)(ii) of the 1993 Act;
“normal pension age” has the meaning given in section 180 of the 1993 Act;
“pensionable age” has the meaning given by the rules in paragraph 1 of Part I of Schedule 4 to the Pensions Act 1995;
“principal appointed day” means the day designated as the principal appointed day for the purposes of Part III of the Pensions Act 1995;
“scheme” means an occupational pension scheme or a personal pension scheme; F3...
F8“scheme pension” has the meaning given by paragraph 2 of Schedule 28 to the Finance Act 2004; and
F8“the scheme pension purchase price” has the meaning given by paragraph 3(7B) of Schedule 29 to the Finance Act 2004;
F1“section 9(2B) rights” are—
- a
rights to the payment of pensions and accrued rights to pensions (other than rights attributable to voluntary contributions) under a scheme contracted-out by virtue of section 9(2B) of the 1993 Act, so far as attributable to an earner’s service in contracted-out employment on or after the principal appointed day; and
- b
where a transfer payment has been made to such a scheme, any rights arising under the scheme as a consequence of that payment which are derived directly or indirectly from—
- i
such rights as are referred to in sub-paragraph (a) under another scheme contracted-out by virtue of section 9(2B) of that Act; or
- ii
protected rights under another occupational pension scheme or under a personal pension scheme attributable to payments or contributions in respect of F2 ... employment on or after the principal appointed day; F4and
- i
“specified pension or annuity” means any pension or annuity which became a pension or annuity in payment before 6th April 2005.
3
In these Regulations, except in so far as the context otherwise requires, any reference—
a
to a regulation is to the regulation in these Regulations bearing that number;
b
in a regulation to a numbered paragraph is to the paragraph of that regulation bearing that number; and
c
in a paragraph to a lettered sub-paragraph is to the sub-paragraph of that paragraph bearing that letter.
Manner of calculation and verification of protected rightsF122
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Options under section 10(2) and (3) of the 1993 Act for schemes to designate which rights are protected rightsF133
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Conditions applying to pensions and annuities which give effect to protected rightsF144
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Circumstances in which and periods for which pension or annuity is to be paid to widow or widower after being paid to memberF155
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Interim arrangementsF166
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Payments made under interim arrangementsF77
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Giving effect to protected rights by the provision of a lump sumF178
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Suspension and forfeiture of payments giving effect to protected rightsF189
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Choice of insurance company by annuitantF1910
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Insurance companies that may provide protected rights by way of annuitiesF2011
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Death of member before effect given to his protected rightsF2112
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Death before effect given to protected rights: interim arrangements for F6widow, widower or surviving civil partnerF2213
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Enforceable entitlement after death of memberF2314
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Further requirements in respect of giving effect to protected rightsF2415
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Personal pension schemes—notifications to the Secretary of State16
F281
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F252
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Tax-exemption and tax-approvalF2617
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Revocations18
The Regulations set out in column (1) of the Schedule are revoked to the extent mentioned in column (3) of that Schedule.
Signed by authority of the Secretary of State for Social Security.
SCHEDULE REVOCATIONS
Regulations revoked | References | Extent of revocation |
---|---|---|
The Personal and Occupational Pension Schemes (Protected Rights) Regulations 1987 | S.I. 1987/1117 | The whole of the Regulations. |
The Personal and Occupational Pension Schemes (Tax Approval and Miscellaneous Provisions) Regulations 1988 | S.I. 1988/474 | Regulation 9. |
The Personal and Occupational Pension Schemes (Amendments)(No.2) Regulations 1990 | S.I. 1990/1142 | Regulation 7. |
The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 1992 | S.I. 1992/1531 | Regulations 25 and 26. |
The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 | S.I. 1994/1062 | Regulation 2 insofar as it relates to the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1987 and paragraph 19 of Schedule 2. |
The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 1995 | S.I. 1995/35 | Regulation 6. |
The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1996 | S.I. 1996/776 | Regulation 3. |
1993 c.48 as amended by Part III of the Pensions Act 1995 (c.26).See definition in section 181(1) of “prescribed” and “regulations”.