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The Personal Pension Schemes (Transfer Payments) Regulations 1988
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- UK Statutory Instruments
- 1988 No. 1014
- Regulation 8
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Requirements as to the application of transfer payments
8.—(1) Subject to regulation 9, where a personal pension scheme accepts a transfer payment from —
(a)a retirement benefits scheme, or
(b)a statutory scheme,
the accumulated value arising from the transfer payment at the date of death of the individual (in this regulation and in regulation 9 referred to as “the accumulated value”) shall be applied in accordance with sub-paragraph (2).
(2) The accumulated value may be applied —
(a)wholly to secure the payment of an annuity which satisfies the conditions contained in section 636 of the Act, or
(b)as to not more than 25 per cent. to secure the payment of a lump sum and as to the balance to secure the payment of such an annuity as is referred to in paragraph (a).
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