The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000

Amendment of the Occupational Pension Schemes (Winding Up) Regulations 1996

3.—(1) The Occupational Pension Schemes (Winding Up) Regulations 1996(1) shall be amended in accordance with this regulation.

(2) In regulation 1 (citation, commencement and interpretation), for paragraph (4) substitute the following paragraph—

“(4) In these Regulations—

“the MFR Regulations” means the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996(2);

“pension credit” means a credit under section 29(1)(b) of the Welfare Reform and Pensions Act 1999;

“transfer credits” has the meaning given by regulation 1(2) of the Pension Sharing (Pension Credit Benefit) Regulations 2000(3) (citation, commencement and interpretation).”.

(3) In regulation 3 (modification of section 73(3) of the Pensions Act 1995), for paragraph (5) substitute—

“(5) for paragraphs (c) and (d) of section 73(3) there shall be substituted—

“(c) any liability—

(i) for equivalent pension benefits (within the meaning of section 57(1) of the National Insurance Act 1965), guaranteed minimum pensions, protected rights, section 9(2B) rights (within the meaning of regulation 1(2) of the Contracting-out (Transfer and Transfer Payment) Regulations 1996(4)), or safeguarded rights (within the meaning of section 68A(1) of the Pension Schemes Act 1993) (but excluding increases to pensions), or

(ii) in respect of members with less than two years pensionable service who are not entitled to accrued rights under the scheme, for the return of contributions,

(d) any liability for increases to pensions referred to in paragraphs (aa) and (b),

(e) any liability for increases to pensions referred to in paragraph (c),

(f) so far as not included in paragraph (c) or (e), any liability for—

(i) pensions or other benefits which have accrued to or in respect of any members of the scheme (including increases to pensions), or

(ii) future pensions, or other future benefits, attributable (directly or indirectly) to pension credits (including increases to pensions).”.”

(4) In regulation 8 (requirements to be satisfied by transferee schemes, annuities, etc.), for paragraphs (1) to (3) substitute—

“(1) For the purpose of section 74(3)(a) (discharge of liability to or in respect of a member by the acquisition of transfer credits under another occupational pension scheme), the requirements to be satisfied by the other occupational pension scheme are the same as those which would apply by virtue of—

(a) section 95(2)(a) of the Pension Schemes Act 1993 (ways of taking right to cash equivalent) if—

(i) the member were entitled to a cash equivalent under Chapter IV of Part IV of that Act in respect of the rights liability in respect of which is being discharged, and

(ii) he required his cash equivalent to be used to acquire transfer credits allowed under the rules of the scheme; or

(b) section 101F(2)(a) of that Act (power to give transfer notice).

(2) For the purpose of section 74(3)(b) (discharge of liability to or in respect of a member by the acquisition of rights under a personal pension scheme), the requirements to be satisfied by the personal pension scheme are the same as those which would apply by virtue of—

(a) section 95(2)(b) of the Pension Schemes Act 1993 if the member were so entitled and he required his cash equivalent to be used to acquire rights allowed under the rules of the scheme; or

(b) section 101F(2)(a) of that Act.

(3) For the purpose of section 74(3)(c) (discharge of liability to or in respect of a member by the purchase of one or more annuities) the requirements to be satisfied by the annuities are the same as those which would apply by virtue of—

(a) section 95(2)(c) of the Pension Schemes Act 1993 if the member were so entitled and he required his cash equivalent to be used to purchase annuities from such insurance companies as are mentioned in that section; or

(b) section 101F(2)(b) of that Act, other than the requirement that an insurance company must be chosen by the member.”.

(1)

S.I. 1996/3126, to which there are amendments not relevant to these Regulations.

(2)

S.I. 1996/1536 to which there are amendments not relevant to these Regulations.

(3)

S.I. 2000/1054.

(4)

S.I. 1996/1462.