Amendment of the Protected Rights (Transfer Payment) Regulations 19963.

(1)

The Protected Rights (Transfer Payment) Regulations 19965 shall be amended in accordance with this regulation.

(2)

In regulation 1(2) (interpretation) after the definition of ““money purchase contracted-out scheme”” insert—

““overseas arrangement” means a scheme or arrangement, other than an occupational pension scheme, which—

(a)

has effect, or is capable of having effect, so as to provide benefits on termination of employment or on death or retirement to, or in respect of, earners;

(b)

is not an appropriate personal pension scheme; and

(c)

is administered wholly or primarily outside the United Kingdom;”.

(3)

In regulation 56 (transfer payments to overseas schemes) in paragraph (b) for “the member” to “applies” substitute “, where the receiving scheme is an occupational pension scheme, the member is in employment to which the receiving scheme applies”.