Amendment of regulation M1
This section has no associated Policy Notes
9. In regulation M1 (member’s right to a transfer or buy out)—
(a)in paragraph (2)(a), at the end insert “which satisfies or satisfy the requirements set out in regulation 12(2) of the Occupational Pension Schemes (Transfer Values) Regulations 1996(1)”;
(b)in paragraph (2)(b), omit “that satisfies the requirements of Chapter IV of Part IV of the 1993 Act”; and
(c)after paragraph (2), insert—
“(2A) Any use of the cash equivalent of a member’s rights under paragraph (2) must satisfy the requirements of Chapter 1 (transfer rights: general) of Part 4ZA of the 1993 Act.”.
(1)
S.I. 1996/1847; regulation 12(2) was amended by S.I. 1997/786, S.I. 2006/744 and S.I. 2008/1050.