The Occupational Pension Schemes (Transfer Values) Regulations 1996

Statutory Instruments

1996 No. 1847

PENSIONS

The Occupational Pension Schemes (Transfer Values) Regulations 1996

Made

15th July 1996

Laid before Parliament

23rd July 1996

Coming into force

6th April 1997

The Secretary of State for Social Security, in exercise of the powers conferred upon him by sections 93(1)(1), 93(1B)(2), 93A(2) and (3)(3), 94(3)(4), 95(2), (5) and (6), 97(1), (2), (3) and (4)(5), 98(1), (1A), (2), (3) and (4)(6), 99(4) and (7)(7), 113(1) and (3), 153(1), 168(4)(8), 181(1)(9), 182(2) and (3) and 183(3)(10) of the Pension Schemes Act 1993(11) and sections 10(2) and 124(1)(12) of the Pensions Act 1995(13) 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 them(14), by this instrument, which otherwise contains regulations made under section 10(2) of the Pensions Act 1995 which are made before the end of the period of six months beginning with the coming into force of that section(15), regulations made only for the purpose of consolidating regulations revoked by them(16) and regulations made under provisions of the Pension Schemes Act 1993 as inserted or amended by sections 152 to 154 and paragraphs 2 to 6 of Schedule 6 to the Pensions Act 1995 and which are made before the end of the period of six months beginning with the coming into force of those sections as so inserted or amended(17), hereby makes the following Regulations:

(1)

Section 93(1)(a) was substituted by section 152(2) of the Pensions Act 1995 (c. 26).

(2)

Section 93(1B) was inserted by section 152(3) of the Pensions Act 1995.

(3)

Section 93A was inserted by section 153 of the Pensions Act 1995.

(4)

Section 94(3) was inserted by section 154(5) of the Pensions Act 1995.

(5)

Section 97 was amended by paragraph 4 of Schedule 6 to the Pensions Act 1995.

(6)

Section 98 was amended by paragraph 5 of Schedule 6 to the Pensions Act 1995.

(7)

Section 99 was amended by paragraph 6 of Schedule 6 to the Pensions Act 1995.

(8)

Section 168 was substituted by section 155 of the Pensions Act 1995.

(9)

Section 181(1) is cited because of the meaning there given to “prescribed” and “regulations”.

(10)

Section 183(3) was amended by paragraph 15(b) of Schedule 6 to the Pensions Act 1995.

(11)

1993 c. 48.

(12)

Section 124(1) is cited because of the meaning there given to “prescribed” and “regulations”.

(13)

1995 c. 26.

(14)

See section 185(6) of the Pension Schemes Act 1993 and section 173(1) of the Social Security Administration Act 1992 (c. 5) under which the requirement to consult does not apply where the Occupational Pensions Board agrees that regulations need not be referred to them.

(15)

See section 120 of the Pensions Act 1995 under which the requirement to consult such persons as the Secretary of State considers appropriate does not apply to regulations made before the end of the period of six months beginning with the coming into force of the provision of Part I of that Act by virtue of which the regulations are made.

(16)

See section 185(2) of the Pension Schemes Act 1993 under which the requirement to consult does not apply where regulations are made only for the purpose of consolidating other regulations revoked by them.

(17)

See section 185(6) of the Pension Schemes Act 1993 and section 173(5) of the Social Security Administration Act 1992 under which the requirement to consult does not apply where regulations are made before the end of the period of six months beginning with the coming into force of the enactment under which they are made.