(This note is not part of the Regulations)
The Occupational Pension Schemes (Discharge of Liability) Regulations 1997 (“the Regulations") consolidate the Occupational Pension Schemes (Discharge of Liability) Regula tions 1985 with minor and drafting amendments and make provision in respect of pensions and accrued rights under a scheme contracted out by virtue of section 9(2B) of the Pension Schemes Act 1993 so far as is attributable to an earner’s service on or after 6th April 1997.
Regulations 2 and 5 prescribe the requirements which apply to policies of insurance and annuity contracts for the purposes of discharging liability.
Regulations 3 and 4 prescribe the conditions on which policies of insurance and annuity contracts may be assigned or surrendered or commuted.
Regulation 6 prescribes further conditions on which liability may be discharged.
Regulation 7 and Schedule 1 set out the form of consent to the arrangements for securing benefits.
Part III makes provision in respect of the discharge of liability to provide pensions under a scheme contracted-out by virtue of section 9(2B) of the Pension Schemes Act 1993 (“the relevant scheme"). Regulations 8, 9 and 11 provide the circumstances in which and conditions on which the discharge of liability to provide pensions under a relevant scheme may occur.
Regulation 10 defines the meaning of “transaction" for the purposes of regulation 9.
Regulation 12 and Schedule 2 provide for revocations.
An assessment of the cost compliance for employers of the measures arising from the Pensions Act 1995, including regulations, has been placed in the libraries of both Houses of Parliament. Copies can be obtained by post from the Department of Social Security, OPS, 11th Floor, Adelphi, 1—11 John Adam Street, London WC2N 6HT.