These Regulations may be cited as the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015.

They come into force on 6th April 2015.

In these Regulations —

• “the Act” means the Pension Schemes Act 2015;

• “the 1993 Act” means the Pension Schemes Act 1993 M1;

• “active member” has the meaning given in section 99 of the Pensions Act 2008 M2;

• “cash equivalent” means a cash equivalent mentioned in sections 93A and 94 of the 1993 Act M3 (right to statement of entitlement – benefits others than money purchase; right to cash equivalent);

• “FCA” means the Financial Conduct Authority;

• “guarantee date” has the meaning given in section 93A of the 1993 Act (right to statement of entitlement);

• “Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M4;

• “relevant transaction” means a transfer payment, conversion of benefits or payment of a lump sum to which section 48(1) of the Act applies;

• “statement of entitlement” means a statement of entitlement within the meaning of section 93A of the 1993 Act;

• “Transfer Values Regulations” means the Occupational Pension Schemes (Transfer Values) Regulations 1996 M5;

• “valuation date” means —

  1. a

     where the member is exercising the member's right to take a cash equivalent under Chapter 1 of Part 4ZA of the 1993 Act M6, the guarantee date; or

  2. b

     in any other case, the date chosen by the trustees or managers which must be a date within the period of 2 months that begins on the first day of the one month period which ends on the date the decision by the trustees or managers referred to in regulation 9(2)(b) is made;

• “writing” includes electronic communication and ‘electronic communication’ has the meaning given in section 15(1) of the Electronic Communications Act 2000 M7 (general interpretation).