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The Occupational Pension Schemes (Qualifying Service—Consequential and Other Provisions) Regulations 1987

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Amendment of the Preservation Regulations

3.—(1) The Preservation Regulations shall be amended in accordance with the provisions of this regulation.

(2) In regulation 12(4), after sub-paragraph (a), there shall be inserted the following sub-paragraph—

(aa)for the alternative mentioned in paragraph (1)(e) to be substituted for short service benefit without the member’s consent in any case where the conditions specified in paragraph (4A) are satisfied;.

(3) After paragraph (4) of regulation 12 there shall be inserted the following paragraph—

(4A) The conditions referred to in paragraph (4)(aa) are—

(a)that the short service benefit is not, and does not include, protected rights (within the meaning given to that expression by Schedule 1 to the Social Security Act 1986(1), whether or not as modified under section 32(2B) of the Pensions Act(2));

(b)that the member has at least 2 years' qualifying service but has not 5 years' qualifying service (within the meaning given to that expression by paragraph 7 of Schedule 16 immediately before the coming into force of section 10 of the Social Security Act 1986);

(c)that the insurance policy is taken out or the annuity contract entered into more than 12 months after the member’s service in relevant employment is terminated;

(d)that at least 30 days before the insurance policy is taken out or the annuity contract entered into, the trustees or managers of the scheme have sent by post to the member at his last known address, or delivered personally to him, a written notice that it is their intention to take it out or enter into it unless, before the date of expiry of the notice or, if it is later, the first anniversary of the date on which the member’s service in relevant employment was terminated, the member has made an application (which he has not subsequently withdrawn) to the trustees or managers of the scheme under paragraph 16 of Schedule 1A to the Pensions Act (transfer values);

(e)that when the trustees or managers of the scheme enter into an agreement with an insurance company to take out the insurance policy or enter into the annuity contract, the member has not made an application in writing to the trustees or managers of the scheme under paragraph 16 of Schedule 1A to the Pensions Act, or if he has made such an application he has withdrawn it under paragraph 17 of that Schedule; and

(f)that the insurance policy or annuity contract is so framed that it may be assigned or surrendered on the conditions set out in regulation 2 of the Occupational Pension Schemes (Discharge of Liability) Regulations 1985..

(4) In regulations 14(d)(i), 17(3)(b)(iii) and (4) and 21(3)(b), for“5”there shall be substituted“2”.

(2)

Subsection (2B) was inserted into section 32 by the Social Security Act 1986 (c. 50), section 6 and Schedule 2, paragraph 5.

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