The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015

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This section has no associated Explanatory Memorandum

8.—(1) Subject to paragraph (4), the trustees or managers must provide any member or survivor who has subsisting rights in respect of any safeguarded benefits under the pension scheme, with the information specified in regulation 6, if the circumstances set out in paragraph (2) apply.

(2) The circumstances referred to in paragraph (1) are where the member or survivor—

(a)makes a written request for information from the trustees or managers as to how to carry out a relevant transaction;

(b)makes a written request for information from the trustees or managers as to how to make an application for a statement of entitlement [F1or a written statement of the amount of the cash equivalent];

(c)makes an application for a statement of entitlement [F2or a written statement of the amount of the cash equivalent]; F3...

[F4(ca)by notice in writing, in accordance with section 101F(1) of the 1993 Act, requires the trustees or managers to use an amount equal to the cash equivalent of the member’s pension credit rights for an authorised purpose; or]

(d)otherwise makes a written request for a valuation of the member's subsisting rights to safeguarded benefits under the scheme.

(3) The information specified in regulation 6 must be provided within one month beginning with the date on which the request or application was made by the member or survivor.

(4) Paragraph (1) does not apply—

[F5(a)if the circumstances in paragraph (2)(c) or (ca) apply, where the information has already been provided to the member or survivor because the circumstances in, as the case may be, paragraph (2)(a) or (b) previously applied;]

(b)where the information specified in regulation 6 is to be provided to the member or survivor in accordance with regulation 9(1)(b)(i) within a period of one month beginning with the date of the request or application described in paragraph (2) of this regulation; or

(c)where the trustees or managers meet the condition in paragraph (6).

(5) If the trustees or managers meet the condition in paragraph (6), the information in paragraph (7) should be provided in writing to the member or survivor within one month beginning with the date on which the request or application was made.

(6) The condition referred to in paragraphs (4)(c) and (5) is that the trustees or managers can satisfy themselves that, if the [F6value] [F6transfer value (as defined in regulation 5(2))] of the member's or survivor's subsisting rights to safeguarded benefits under the scheme was to be calculated [F7in accordance with regulation 5(2)] within one month beginning with the date of the member's request or application, the exception in regulation 5(1) would apply.

(7) The information referred to in paragraph (5) is a written statement that there will be no requirement for the trustees or managers to check that appropriate independent advice has been received before they are able to carry out the relevant transaction.

Textual Amendments