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The Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000

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Transfer payments to overseas schemes or overseas arrangements

19.  A transfer of any liability in respect of safeguarded rights may be made to an overseas scheme or an overseas arrangement if—

(a)the person with pension credit rights consents;

(b)the trustees or managers of the transferring scheme have taken reasonable steps to satisfy themselves that the person with pension credit rights has emigrated on a permanent basis and, where the receiving scheme is an occupational pension scheme, that he has entered employment to which the receiving scheme applies;

(c)the transfer payment (or, if it forms part of a larger payment giving effect to both safeguarded and other rights, that part which gives effect to safeguarded rights) is of an amount at least equal to the cash equivalent of the safeguarded rights to which effect is being given, as calculated and verified in a manner consistent with regulations 3 to 7 of the Valuation Regulations;

(d)the person with pension credit rights has acknowledged that he accepts that the scheme or arrangement to which the transfer payment is to be made may not be regulated in any way by the law of the United Kingdom and that as a consequence there may be no obligation under that law on the receiving scheme or arrangement or its trustees or managers to provide any particular value or benefit in return for the transfer payment, and

(e)the trustees or managers of the transferring scheme have taken reasonable steps to satisfy themselves that the person with pension credit rights has received a statement from the receiving scheme or arrangement showing the benefits to be awarded in respect of the transfer payment and the conditions (if any) on which these could be forfeited or withheld.

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