Words in Sch. 1 para. 3(a) substituted (6.4.2019) by The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 15

Sch. 1 applied (with application in accordance with art. 1(2) of the commencing S.I.) by The Divorce etc. (Pensions) Regulations 2000 (S.I. 2000/1123), art. 3(1)(b)(2)(b)reg. 1(1)

Sch. 1 para. 3 inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 7(b)

Words in Sch. 1 para. 3(c) inserted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 9(4) (with reg. 11)

Words in Sch. 1 para. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), arts. 1(1), 3, Sch. 2 para. 14

http://www.legislation.gov.uk/uksi/1996/1847/schedule/1/paragraph/3The Occupational Pension Schemes (Transfer Values) Regulations 1996texttext/xmlenStatute Law DatabasePENSIONS2024-05-16Expert Participation2022-08-01These Regulations replace the Occupational Pension Schemes (Transfer Values) Regulations 1985 which are now revoked. The Regulations supplement the changes introduced by the Pensions Act 1995 to Chapter IV of Part IV of the Pension Schemes Act 1993. They also consolidate and amend the 1985 Regulations. Provisions carried forward from the 1985 Regulations are amended to take into account new provisions introduced by the 1995 Act and changes made by the 1995 Act to parts of the 1993 Act other than Chapter IV of Part IV. Provisions carried forward from the 1985 Regulations which have been amended substantively for other reasons are contained in regulation 8(3) (requirement to obtain actuary’s report before directing that cash equivalents not take account of discretionary benefits), regulation 10 (requirement to increase cash equivalent if paid late) and regulation 11 (disclosure requirements and penalties).The regulations made by virtue of sections 152 to 154 of and Schedule 6 to the Pensions Act 1995 are made within six months of those provisions coming into force and as a consequence there is no requirement to consult. As regards those regulations which are neither made only for the purpose of consolidation nor under the 1995 Act, the Occupational Pensions Board has agreed that proposals to make such regulations need not be referred to them.Part II of the Regulations provides restrictions on the right to take a cash equivalent if the member’s pensionable service terminated before 1st January 1986 or if the member terminates his or her pensionable service while still in employment to which the scheme applies.Part III of the Regulations concerns the new requirements relating to guaranteed statements of entitlement for members of salary related occupational pension schemes. Part III also deals with the way in which cash equivalents are to be calculated. Regulation 6 sets out the time limits within which the guarantee date in respect of a guaranteed statement of entitlement must fall and within which the statement must be provided to the member. Regulations 7 to 10 provide how cash equivalents are to be calculated and the circumstances in which they can be increased or reduced. Regulation 11 consolidates (with minor amendments) provisions relating to estimates of cash equivalents which were previously contained in the Occupational Pension Schemes (Disclosure of Information) Regulations 1986. Regulation 11 also contains further disclosure requirements. Penalties are imposed for breaches of any of the requirements of regulation 11.Part IV of the Regulations sets out the requirements which a pension scheme must satisfy if a cash equivalent is to be used for acquiring transfer credits in it or rights under it, the requirements which an annuity must satisfy if a cash equivalent is to be used for purchasing it and the requirements which an overseas arrangement or a self-employed pension arrangement must satisfy if a cash equivalent is to be used for subscribing to it.Part V of the Regulations provides for the Regulatory Authority to extend the statutory time limits for payment of cash equivalents on the application of the trustees or managers of the scheme in question.Part VI of the Regulations modifies the Pension Schemes Act 1993 in certain circumstances. Regulation 14 modifies section 94(1)(aa) to extend the period within which a member may apply to take his or her guaranteed cash equivalent where that member has been informed that that guaranteed cash equivalent is to be increased or reduced or where the member has disputed the amount of the cash equivalent. Regulation 19 modifies certain provisions of Chapter IV of Part IV in relation to a scheme which provides or may provide both salary related and money purchase benefits. Regulations 15 to 18 carry forward provisions previously contained in the Occupational Pension Schemes (Transfer Values) Regulations 1985.Part VII of the Regulations sets out the penalties that apply for breaches of obligations imposed by section 93A (obligation to provide guaranteed statements of entitlement within certain time limits) and section 99(2) (obligation to pay cash equivalent within certain time limits) of the 1993 Act.Part VIII of the Regulations contains revocations and transitional provisions.An assessment of the compliance cost for employers of the measures arising from the Pensions Act 1995, including these Regulations, has been placed in the libraries of both Houses of Parliament. Copies can be obtained by post from the Department of Social Security, Private Pensions Directorate, 11th floor, The Adelphi, 1-11 John Adam Street, London WC2N 6HT.SCHEDULE 1 INFORMATION TO BE MADE AVAILABLE TO MEMBERS3

Where information is made available under paragraph 1 or 2 to a member of a salary related scheme, the information to be made available to such a member also includes—

a

a statement that the Financial Conduct Authority, the Regulatory Authority and the Money and Pensions Service provide information about transfers that may assist the member in deciding whether to transfer;

b

if the scheme is an eligible scheme as defined in section 126 of the 2004 Act (eligible schemes), confirmation that the scheme is so eligible and that the Board of the Pension Protection Fund exists;

c

except where section 48 of the Pension Schemes Act 2015 applies, a recommendation that the member should take financial advice before making decisions about transfers.

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Words in
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substituted (6.4.2019) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/383">The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/383/regulation/1/1">reg. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/383/schedule/paragraph/15">Sch. para. 15</ref>
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Sch. 1 applied (with application in accordance with art. 1(2) of the commencing S.I.) by
<ref href="http://www.legislation.gov.uk/id/uksi/2000/1123">The Divorce etc. (Pensions) Regulations 2000 (S.I. 2000/1123)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2000/1123/article/3/1/b">art. 3(1)(b)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2000/1123/article/3/2/b">(2)(b)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2000/1123/regulation/1/1">reg. 1(1)</ref>
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Sch. 1 para. 3 inserted (E.W.S.) (1.10.2008) by
<ref href="http://www.legislation.gov.uk/id/uksi/2008/1050">Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2008/1050/regulation/1/1">regs. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2008/1050/regulation/7/b">7(b)</ref>
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Words in Sch. 1 para. 3(c) inserted (6.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498">The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/9/4">9(4)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2015/498/regulation/11">reg. 11</ref>
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,
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,
<ref href="http://www.legislation.gov.uk/id/uksi/2013/472/article/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2013/472/schedule/2/paragraph/14">Sch. 2 para. 14</ref>
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SCHEDULE 1
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<heading> INFORMATION TO BE MADE AVAILABLE TO MEMBERS</heading>
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3
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the Financial Conduct Authority
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<ins class="key-85d4acc076867160f21a870513a2d03a-1457445405225">, the Regulatory Authority and the </ins>
<ins class="key-85d4acc076867160f21a870513a2d03a-1457445405225">
<ins class="substitution key-3c2dc95d51c177077131cdb7f6ab4c30-1573037961696 first last">
<noteRef href="#key-3c2dc95d51c177077131cdb7f6ab4c30" marker="F1" class="commentary attribute F"/>
Money and Pensions Service
</ins>
</ins>
<ins class="key-85d4acc076867160f21a870513a2d03a-1457445405225"> provide information about transfers that may assist the member in deciding whether to transfer;</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-1-paragraph-3-b">
<num>
<ins class="key-85d4acc076867160f21a870513a2d03a-1457445405225">b</ins>
</num>
<content>
<p>
<ins class="key-85d4acc076867160f21a870513a2d03a-1457445405225">if the scheme is an eligible scheme as defined in section 126 of the 2004 Act (eligible schemes), confirmation that the scheme is so eligible and that the Board of the Pension Protection Fund exists;</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-1-paragraph-3-c">
<num>
<ins class="key-85d4acc076867160f21a870513a2d03a-1457445405225">c</ins>
</num>
<content>
<p>
<ins class="key-85d4acc076867160f21a870513a2d03a-1457445405225">
<ins class="key-d8ad2e661c9ccbf56e1aa57d88dff782-1474021987094 first last">
<noteRef href="#key-d8ad2e661c9ccbf56e1aa57d88dff782" marker="F3" class="commentary attribute F"/>
except where section 48 of the Pension Schemes Act 2015 applies,
</ins>
</ins>
<ins class="key-85d4acc076867160f21a870513a2d03a-1457445405225 last"> a recommendation that the member should take financial advice before making decisions about transfers.</ins>
</p>
</content>
</paragraph>
</paragraph>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>