Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991
2.—(1) The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991(1) are amended as follows.
(2) In regulation 1(3) (interpretation)(2), after the definition of “the 1995 Act” insert—
““European pensions institution” has the meaning given in section 293(8) of the Pensions Act 2004;”(3).
(3) After regulation 11A (further alternative to short service benefit – transfer to an overseas arrangement)(4), insert—
“Further alternative to short service benefit – transfer to a European pensions institution without consent
11B.—(1) For the purposes of section 73(2)(b) and (4)(b) of the Act (prescribed alternatives to short service benefit), a scheme may, instead of providing short service benefit, provide for the transfer of the member’s accrued rights to a European pensions institution without the member’s consent where the conditions in paragraphs (2) and (3) of regulation 12 are satisfied.
(2) For the purposes of paragraph (1) of this regulation, references in paragraphs (2), (3) and (4A) of regulation 12 to “receiving scheme” are to be read as “receiving European pensions institution”.
(3) Where it is proposed that a member’s accrued rights are to be transferred in accordance with this regulation, information about the proposed transfer and details of the value of the rights to be transferred (including rights in respect of death in service benefits and survivors’ benefits) shall be furnished to the member not less than one month before the date on which the proposed transfer is due to take place.”(5).
(4) In regulation 12(2) (transfer of member’s accrued rights without consent), in sub-paragraphs (a) and (b), for “apply to” substitute “relate to persons who are or have been in”.
Regulation 1(3) was substituted by S.I. 1996/2131, regulation 2(2).
2004 c.35. The definition of European pensions institution was amended by S.I. 2007/3014, regulation 4(g).
Regulation 11A was inserted by S.I. 1996/2131, regulation 2(6).
Regulation 12(2) was substituted by S.I. 1992/1531, regulation 35, and amended by S.I. 1996/2131, regulation 2(7)(c). Regulation 12(3) was substituted by S.I. 2011/672, regulation 3(1) and (2)(a). Regulation 12(4A) was inserted by S.I. 1993/1822, regulation 2(a) and amended by S.I. 1999/2543, regulation 2(b) and S.I. 2011/672, regulation 3(2)(c).