2011 No. 1801
The Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) (Amendment) Regulations 2011
Made
Laid before Parliament
Coming into force
The Secretary of State for Work and Pensions, in exercise of the powers conferred by sections 94(1)(b), 124(1) and 174(3) of the Pensions Act 19951, makes the following Regulations.
The Secretary of State has consulted such persons as the Secretary of State considers appropriate in accordance with section 120(1) of that Act2.
Citation and commencement1
These Regulations may be cited as the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) (Amendment) Regulations 2011 and shall come into force on 11th August 2011.
Amendment of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 19972
In regulation 8 of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 19973 (exemptions from the inalienability and forfeiture provisions), at the end add—
7
Section 91(1)(a) of the 1995 Act (inalienability of occupational pension) does not apply to a scheme where —
a
the scheme administrator satisfies any part of a person’s liability to the annual allowance charge under section 237A of the Finance Act 20044 (liability of individual) at the request of that person, to the extent that it would prevent an adjustment to that person’s benefits under the scheme as a consequence of the scheme administrator satisfying that liability, or
b
the scheme administrator satisfies a liability under section 237B of the Finance Act 2004 (liability of scheme administrator) in respect of a person, to the extent that it would prevent a consequential adjustment to that person’s benefits under the scheme under section 237E(1) of that Act (consequential benefit adjustments to be reasonable etc).
8
In paragraph (7)—
“annual allowance charge” has the meaning given in section 227(1) of the Finance Act 2004 (annual allowance charge), and
“scheme administrator” has the meaning given in section 270 of the Finance Act 2004 (meaning of “scheme administrator”).
Signed by authority of the Secretary of State for Work and Pensions.
(This note is not part of the Regulations)