“Requirements to be satisfied2.

(1)

The prescribed requirements referred to in section 91(3)(a) and (b) (cash equivalent of member’s rights under a personal pension scheme to be used for acquiring transfer credits or rights under another scheme) are that—

(a)

the receiving scheme—

(i)

is registered under section 153 of the Finance Act 2004, or

(ii)

is a qualifying recognised overseas pension scheme as defined in section 169 of that Act (recognised transfers),

(b)

if the member’s cash equivalent (or any portion of it to be used under section 91(3)(a) or (b)) is or includes the cash equivalent of his protected rights then the receiving scheme is one to which a transfer payment in respect of protected rights may be made in accordance with regulation 2 of the Protected Rights (Transfer Payment) Regulations (Northern Ireland) 199641 (general).

(2)

Paragraph 1(a)(i) shall not apply if the receiving scheme was immediately before the 6th April 2006 approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 198842 (retirement annuities), unless the transfer is from a contract or scheme which was immediately before the 6th April 2006 approved under Chapter III of Part XIV of that Act.”.