The Occupational and Personal Pension Schemes (Miscellaneous Amendments) (No. 2) Regulations 1995

Explanatory Note

(This note is not part of the Regulations)

These Regulations make miscellaneous amendments to regulations about occupational and personal pension schemes.

Regulation 2 amends the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991. Paragraphs (2), (3) and (5) amend regulations 6(1), 9(1) and 21(5)(b) which relate to the securing of short service benefit (or its alternatives) by an insurance policy or annuity contract. They remove a reference to the conditions necessary for a discharge under section 81 of the Pension Schemes Act 1993, so as to restore the effect of those provisions prior to the coming into force of that Act. Paragraph (4) amends regulation 12 so that the conditions to be satisfied before a member’s rights can be transferred from one occupational pension scheme to another without his consent are the same in a case where a scheme is being wound up as in any other case.

Regulation 3 amends the Personal Pension Schemes (Disclosure of Information) Regulations 1987. It inserts a new regulation 5A, which places an obligation on the trustees or managers of a personal pension scheme to inform a member within 3 months if they do not receive a payment of contributions in respect of him on the due date.

The report of the Occupational Pensions Board on the draft of these Regulations which was referred to them is contained in Command Paper Cm. 3052, published by Her Majesty’s Stationery Office.

Only regulation 2(4) imposes a cost on business. An assessment of the compliance costs for pension schemes managers has been made and a copy has been placed in the libraries of both Houses of Parliament. Copies can be obtained by post from the Department of Social Security, Room 11/25, Adelphi, 1-11 John Adam Street, London WC2N 6HT.