9.—(1) The Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015(1) are amended as follows.
(2) In regulation 1(3) (interpretation)—
(a)in the definition of “cash equivalent”—
(i)omit “of the 1993 Act”; and
(ii)at the end insert “or, 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(2)”;
(b)after the definition of “cash equivalent”, insert—
““eligible member” has the meaning given by section 101P(1) of the 1993 Act (interpretation of Chapter II)(3);”;
(c)in the definition of “valuation date”—
(i)at the end of paragraph (a) omit “or”;
(ii)after paragraph (a), insert—
“(aa)where 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”;
(d)after the definition of “writing”, insert—
““written statement of the amount of the cash equivalent” has the meaning given in section 101H(1) of the 1993 Act.”.
(3) In regulation 2(a) (transitional provisions), at the end of sub-paragraph (i), omit “or” and insert—
“(ia)an eligible member, before 6th April 2015 and in accordance with section 101F of the 1993 Act, required the trustees or managers to use an amount equal to the cash equivalent of the member’s pension credit rights for an authorised purpose;
(ib)an eligible member made an application for a written statement of the amount of the cash equivalent before 6th April 2015; or”.
(4) In regulation 6 (information to be provided to the member or survivor), at the end of paragraph (b)(i), omit “or” and insert—
“(ia)in the case of a pension credit member, the day on which a written statement of the amount of the cash equivalent is provided; or”.
(5) In regulation 8 (information to be provided on initial enquiry)—
(a)in paragraph (2)—
(i)at the end of sub-paragraph (b), insert “or a written statement of the amount of the cash equivalent”;
(ii)in sub-paragraph (c), after “statement of entitlement” insert “or a written statement of the amount of the cash equivalent”;
(iii)at the end of sub-paragraph (c), omit “or” and insert—
“(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”;
(b)in paragraph (4), for sub-paragraph (a) substitute—
“(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;”.
(6) In regulation 9 (determination of whether exception applies and check that advice received)—
(a)in paragraph (2)(a) and (b), in both places where the words occur, after “statement of entitlement” insert “or a written statement of the amount of the cash equivalent”;
(b)at the end of paragraph (2)(a), omit “or” and insert—
“(aa)have received a notice in writing, in accordance with section 101F of the 1993 Act, requiring an amount equal to the cash equivalent of an eligible member’s pension credit rights to be used for an authorised purpose; or”;
(c)in paragraph (4)(a), after “statement of entitlement” insert “or a written statement of the amount of the cash equivalent”.
(7) For paragraph (1) of regulation 10 (information to be provided where the value of cash equivalent is increased or reduced) substitute—
“(1) Where the cash equivalent has been increased or reduced in accordance with—
(a)regulation 9(5) of the Transfer Values Regulations (increases and reductions of cash equivalents)(4) after the statement of entitlement has been provided; or
(b)regulation 28 of the Pension Sharing (Pension Credit Benefit) Regulations 2000 (increases and reductions of cash equivalents once the written statement has been sent to the eligible member),
the trustees or managers must provide further information to the member in accordance with this regulation, on the day on which written confirmation that the cash equivalent has been increased or reduced, as the case may be, is provided to the member.”.
Section 101F was inserted by the 1999 Act, section 37 and amended by the 2015 Act, section 67 and Schedule 4, paragraphs 3 and 15(1) to (5) and S.I. 2001/3649. Section 101H was inserted by the 1999 Act, section 37 and amended by the 2015 Act, section 67 and Schedule 4, paragraphs 3 and 17(1) to (3).
Section 101P was inserted by the 1999 Act, section 37.
Regulation 9 was amended by S.I. 2015/498.