The Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations (Northern Ireland) 2006

Cash transfer sums: requirements to be met by receiving schemes

6.  The prescribed requirements referred to in section 97AE(2)(a)(ii) and (b)(ii) (cash transfer sum to be used for acquiring transfer credits or rights under another occupational pension scheme or a personal pension scheme) are that—

(a) if the member’s cash transfer sum (or any portion of it to be used under section 97AE(2)(a) or (b)) comprises, or includes, section 5(2B) rights, then the occupational pension scheme or personal pension scheme under whose rules transfer credits or rights are to be acquired is one to which, had those rights been accrued rights, a transfer of liability in respect of those accrued rights could have been made in accordance with regulation 7 of the Contracting-out (Transfer and Transfer Payment) Regulations (Northern Ireland) 1996(1) (transfer of liability in respect of section 5(2B) rights: general), and in this paragraph “section 5(2B) rights” has the same meaning as in regulation 1(2) of those Regulations, and

(b) if the scheme in respect of which the member acquires a right under section 97AB(1)(a) (right to cash transfer sum) is a scheme which is registered by Her Majesty’s Revenue and Customs under section 153 of the Finance Act 2004(2) (but not a scheme which was immediately before 6th April 2006 approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988(3) (pension scheme etc.: retirement annuities)), then the scheme or personal pension scheme in respect of which the cash transfer sum is to be used is a scheme so registered or is a qualifying recognised overseas pension scheme within the meaning of section 169(2) of the Finance Act 2004(4) (recognised transfers).

(1)

S.R. 1996 No. 618; relevant amending regulations are S.R. 1997 No. 160 and S.R. 1999 No. 486. See also regulation 4 of S.R. 1997 No. 95

(2)

2004 c. 12; section 153 is amended by paragraphs 2 and 3 of Schedule 10 to the Finance Act 2005 (c. 7)

(3)

1988 c. 1

(4)

Section 169 is amended by paragraph 36 of Schedule 10 to the Finance Act 2005