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The Transfer of State Pensions and Benefits Regulations 2007
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- UK Statutory Instruments
- 2007 No. 1398
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations are made under section 2(2) of the European Communities Act 1972 (c.68) in pursuance of Article 11(2) of Annex VIII to the Staff Regulations set out in Council Regulation 259/68 (OJ No.L 56, 4.3.1968 p.1-Special Edition 1968, 1 December 1972). This allows for a person's rights which have accrued by virtue of his National Insurance contributions, to be transferred to the pension scheme for officials and servants of Community institutions and bodies (“the Communities' scheme”) if he so wishes.
Regulation 2 prescribes which rights are transferable to the Communities' scheme.
Regulation 3 prescribes that a person who wishes to transfer his transferable rights must make an application to the Secretary of State.
Regulation 4 requires the Secretary of State to provide the transferor with a statement of entitlement within 14 days of the guarantee date and provides that the statement shall remain valid for seven months. It also allows the transferor to challenge the statement within one month and prescribes that no statement of entitlement need be provided if one has been provided in the previous 12 months.
Regulation 5 prescribes how the cash equivalent of the transferable rights is to be calculated.
Regulation 6 prescribes that the transferor must notify the Secretary of State if he wishes to proceed with the transfer and regulation 7 prescribes the action to be taken by the Secretary of State when he receives that notice.
Regulation 8 prescribes the effect of the transfer on entitlement to state benefits.
Regulation 9 prescribes what is to happen if it transpires after the transfer that the cash equivalent value is greater than the amount transferred.
Regulation 10 allows for interest to accrue on the cash equivalent.
Regulation 11 allows for time limits to be extended by the Secretary of State.
Regulation 12 provides that transfer payments shall be paid out of monies provided by Parliament.
A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
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