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Citation, commencement and interpretationU.K.

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

(2) They come into force on 6th April 2015.

(3) In these Regulations—

“the Act” means the Pension Schemes Act 2015;

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

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

“cash equivalent” means a cash equivalent mentioned in sections 93A and 94 F1... M3 (right to statement of entitlement – benefits others than money purchase; right to cash equivalent) [F2or, as the case may be, a cash equivalent mentioned in sections 101F (power to give transfer notice) and 101H (benefits other than money purchase) of the 1993 Act];

[F3“eligible member” has the meaning given by section 101P(1) of the 1993 Act (interpretation of Chapter II);]

“FCA” means the Financial Conduct Authority;

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

[F4“pension credit rights” has the meaning given in section 101B of the 1993 Act (interpretation);]

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

“relevant transaction” means a transfer payment, conversion of benefits or payment of a lump sum to which section 48(1) of the Act applies[F5, or would apply but for the exception in regulation 5(1)];

“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 1996M5;

“valuation date” means —

(a)

where the member is exercising the member's right to take a cash equivalent under Chapter 1 of Part 4ZA of the 1993 ActM6, the guarantee date; F6...

(aa)

[F7where an eligible member is, under section 101F of the 1993 Act, exercising the right to take an amount equal to the cash equivalent of the eligible member’s pension credit rights, the date determined in accordance with section 101H(2) of that Act; or]

(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 2000M7 (general interpretation).

[F8“written statement of the amount of the cash equivalent” has the meaning given in section 101H(1) of the 1993 Act.]

Textual Amendments

Marginal Citations

M3Section 93A was inserted by section 153 of the Pensions Act 1995 (c.26). Sections 93A and 94 were substituted by paragraph 8 of Schedule 4 to the Pension Schemes Act 2015.

M4S.I. 2001/544. Relevant amendments are made by S.I. 2015/731.

M5S.I. 1996/1847. Relevant amendments are made by S.I. 2005/706, S.I. 2008/2450, S.I. 2008/1050, S.I. 2014/1711 and S.I. 2015/498.

M6Part 4ZA was renamed by paragraph 4 of Schedule 4 to the Pension Schemes Act 2015.

M72000 c.7. Section 15(1) was amended by section 406(1) of, and paragraph 158 of Schedule 17 to, the Communications Act 2003 (c.21).