PART IGENERAL

Citation, commencement and interpretation1

1

These Regulations may be cited as the Occupational Pension Schemes (Transfer Values) Regulations 1996 and shall come into force on 6th April 1997.

2

In these Regulations, unless the context otherwise requires—

  • “the 1993 Act” means the Pension Schemes Act 1993;

  • “the 1995 Act” means the Pensions Act 1995;

  • “appropriate date” has the meaning given to that expression in section 97(3A) of the 1993 Act18;

  • “base rate” has the meaning given to that expression in the Local Government Pension Scheme Regulations 199519;

  • “cash equivalent” means a cash equivalent or guaranteed cash equivalent mentioned in section 93A(1) or 94(1) of the 1993 Act20;

  • “guarantee date” has the meaning given to that expression in section 93A(2) of the 1993 Act;

  • “member” (except in regulation 11 and regulation 13(a)(iii)) means a member of a scheme to whom Chapter IV of Part IV of the 1993 Act applies;

  • “post-97 protected rights” has the meaning given to that expression in the Protected Rights (Transfer Payment) Regulations 199621;

  • “relevant date” has the meaning given to that expression in section 94(2) of the 1993 Act22;

  • “salary related scheme” means a scheme which is salary related within the meaning of section 93(1A) of the 1993 Act23;

  • “scheme”, except in the expressions “personal pension scheme” and “receiving scheme”, means occupational pension scheme;

  • “scheme actuary”, in relation to a scheme to which section 47(1)(b) of the 1995 Act applies, means the actuary mentioned in section 47(1)(b) of that Act;

  • “section 9(2B) rights” has the meaning given to that expression in the Contracting-out (Transfer and Transfer Payment) Regulations 199624;

  • “trustees”, in relation to a scheme which is not set up or established under a trust, means the managers of the scheme25

  • and other expressions have the same meaning as in the 1993 Act.