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There are currently no known outstanding effects for the The Stakeholder Pension Schemes Regulations 2000, Section 6.
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6.—(1) The scheme instruments must require that, where the winding-up of a stakeholder pension scheme has commenced, the trustees or manager must, except in cases where regulation 7 applies, make transfer payments in respect of members’ rights in accordance with the procedure set out in paragraphs (2) to (9) of this regulation.
(2) The trustees or manager shall no later than 4 months after the commencement of winding-up give notice to each member stating—
(a)that they propose to make a transfer payment in respect of his rights under the scheme to their choice of a stakeholder pension scheme or a scheme registered under Article 4 of the Welfare Reform and Pensions (Northern Ireland) Order 1999, that scheme to be named in the notice, unless the member applies for the transfer payment to be made to a pension scheme or pension arrangement of his choice;
(b)the value of the member’s rights at the date that the scheme commenced winding-up, being an amount not less than the cash equivalent of those rights on that date, as calculated and verified in a manner consistent with regulations made under section 97 of the 1993 Act (calculation of cash equivalents); and
(c)that, unless the member applies within 4 months of the date of the notice for a transfer payment to be made to a pension scheme or pension arrangement of his choice, a transfer payment may be made without his consent to the scheme named in the notice as the scheme of the trustees’ or manager’s choice.
(3) If any member makes an application for a transfer payment to be made to a pension scheme or pension arrangement of his choice (whether or not the application is made under section 95 of the 1993 Act (ways of taking right to cash equivalent) M1) the trustees or manager shall, unless paragraph (4) of this regulation applies, do what is needed to carry out what the member requires within one month of receiving the member’s application.
(4) This paragraph applies where—
(a)it is not possible for the trustees or manager to do what is needed to carry out what the member requires within 12 months of the date of commencement of winding-up;
(b)it would contravene the terms of the scheme’s [F1tax-registration], or any provision of the scheme required to be included as a condition of any such [F2registration], for the trustees or manager to do what is needed to carry out what the member requires; or
(c)the member withdraws his application before the trustees have or the manager has done what is needed to carry out what he requires.
(5) Where paragraph (4)F3... applies in relation to the first such application made by the member as is mentioned in paragraph (3), the trustees or manager shall as soon as practicable give notice to the member stating—
(a)[F4where sub-paragraph (a) or (b) of paragraph (4) applies,] that they cannot carry out what he requires and the reasons why not;
(b)that if he does not make a further application such as is mentioned in paragraph (3) they propose to make a transfer payment in respect of his rights as set out in the notice given in accordance with paragraph (2); and
(c)that, unless he makes such further application within one month of the date of the notice given in accordance with this paragraph, such a transfer payment may be made without his consent.
(6) In any case where—
(a)the trustees do not or the manager does not receive any such application as is mentioned in paragraph (3) within 4 months of the date of the notice given in accordance with paragraph (2);
F5(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)paragraph (4)F6... applied in respect of the first such application made by the member and—
(i)the trustees or manager, having given notice to the member [F7in accordance with] paragraph (5), do not receive any such further application as is mentioned in that paragraph within one month of the date of the notice; or
(ii)the trustees or manager, having given such notice, have received a further application such as is mentioned in paragraph (5) within one month of that date but paragraph (4) applies in respect of that further application,
the trustees or manager may make a transfer payment in respect of the member’s rights to the pension scheme named in the notice mentioned in paragraph (2) as the scheme of their choice.
(7) The trustees or manager shall, within one month of making a transfer payment under paragraph (3) or (6), give notice to the member stating the amount of the payment, the name and address of the scheme to which it has been made and the date on which it was made.
F8(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9) For the purposes of this regulation “member" includes “beneficiary".
Textual Amendments
F1Word in reg. 6(4)(b) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744), arts. 1, 20(4)(a)
F2Word in reg. 6(4)(b) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744), arts. 1, 20(4)(b)
F3Words in reg. 6(5) omitted (6.4.2005) by virtue of The Stakeholder Pension Schemes (Amendment) Regulations 2005 (S.I. 2005/577), regs. 1(1), 3(2)(a)
F4Words in reg. 6(5)(a) inserted (6.4.2005) by The Stakeholder Pension Schemes (Amendment) Regulations 2005 (S.I. 2005/577), regs. 1(1), 3(2)(b)
F5Reg. 6(6)(b) omitted (6.4.2005) by virtue of The Stakeholder Pension Schemes (Amendment) Regulations 2005 (S.I. 2005/577), regs. 1(1), 3(3)(a)
F6Words in reg. 6(6)(c) omitted (6.4.2005) by virtue of The Stakeholder Pension Schemes (Amendment) Regulations 2005 (S.I. 2005/577), regs. 1(1), 3(3)(b)(i)
F7Words in reg. 6(6)(c) substituted (6.4.2005) by The Stakeholder Pension Schemes (Amendment) Regulations 2005 (S.I. 2005/577), regs. 1(1), 3(3)(b)(ii)
F8Reg. 6(8) omitted (1.12.2010) by virtue of The Occupational, Personal and Stakeholder Pension Schemes (Disclosure of Information) (Amendment) Regulations 2010 (S.I. 2010/2659), regs. 1(2), 4(3)
Marginal Citations
M1Section 95 was amended by paragraph 3 of Schedule 6 to the Pensions Act 1995.
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