The Stakeholder Pension Schemes Regulations 2000

Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 E+W+S

27.  In regulation 12 of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 M1 —

(a) after paragraph (1) there shall be added—

“(1A) For the purposes of section 73(4) of the Act, a scheme may provide for a transfer payment to be made to another occupational or personal pension scheme (as described in section 73(2)(a)(i) of the Act) without the member’s consent where the conditions set out in paragraph (6) of this regulation are satisfied.”;

and

(b) after paragraph (5) there shall be added—

“(6) The conditions set out in this paragraph are that—

(a) the transferring scheme is or has been a stakeholder pension scheme, within the meaning of section 1 of the Welfare Reform and Pensions Act 1999 or Article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 M2 , and the receiving scheme is such a scheme;

(b) the transferring scheme has commenced winding-up; and

(c) the transfer payment is of an amount at least equal to the cash equivalent of the member’s rights under the scheme, as calculated and verified in a manner consistent with regulations made under section 97 of the 1993 Act (calculation of cash equivalents).”.

Marginal Citations

M1 S.I. 1991/167.

M2 S.I. 1999/3147 (N.I. 11).