SCHEDULES

F6SCHEDULE 1A TRANSFER OF ACCRUED BENEFITS

Annotations:
Amendments (Textual)

Part I General

Interpretation

C11

F11

In this Schedule—

F2“authorised insurer” means—

  1. i

    a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or

  2. ii

    an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

  • disregarded service”, in relation to any member of a scheme, means any period of service in judicial office during which an election under section 14A(9) above is in force in respect of the qualifying member;

  • normal pension age” means the earliest age at which, if his service had continued until retirement at that age, a member of a scheme might have been entitled to receive a pension under the scheme;

  • prescribed” means prescribed by regulations;

  • protected rights” has the same meaning as in the F3the Pension Schemes Act 1993 and, in relation to Northern Ireland, the F4the Pension Schemes (Northern Ireland) Act 1993;

  • qualifying member” means a person to whom Part II of this Schedule applies;

  • qualifying service” means the service, or relevant service, by reference to which a qualifying member’s entitlement to benefit under the scheme is calculated; and

  • scheme” means the relevant occupational pension scheme constituted by this Act or the Sheriffs’ Pensions (Scotland) Act M11961.

F52

The definition of “authorised insurer” in sub-paragraph (1) must be read with—

a

section 22 of the Financial Services and Markets Act 2000;

b

any relevant order under that section;

c

Schedule 2 to that Act.

Regulations

2

Regulations for the purposes of this Schedule—

a

may be made, with the concurrence of the Treasury, by the Lord Chancellor or, in relation to Scotland, the Secretary of State;

b

shall be made by statutory instrument;

c

shall be subject to annulment in pursuance of a resolution of either House of Parliament;

d

may make different provision for different cases; and

e

may make provision for consequential, transitional and incidental matters.

Other provisions about transfer values

3

F7Chapter 1 of Part 4ZA of the Pension Schemes Act 1993 (transfer values) and F8 Chapter 1 of Part 4ZA of the Pension Schemes (Northern Ireland) Act 1993 (corresponding Northern Ireland provisions) shall not apply in relation to those schemes to which this Schedule applies.