The Occupational Pension Schemes (Early Leavers: Cash Transfer Sums and Contribution Refunds) Regulations 2006

Information

7.—(1) The statement given under subsection (2)(a) of section 101AC of the Act (notification of right to cash transfer sum or contribution refund) must in addition to the matters specified in subsections (2) and (3) of that section also specify—

(a) if the amount of the cash transfer sum or contribution refund has been reduced in accordance with regulation 4, the reason for the reduction;

(b) details of any reduction required from the cash transfer sum or contribution refund in accordance with regulation 4;

(c) details of any set off of the contribution refund against the refund payment made in accordance with section 101AG(5)(b) or 101AH(3)(b) of the Act (powers of trustees or managers where right not exercised);

(d) details of any tax liability in respect of the contribution refund;

(e) if an amount is to be deducted from a refund under section 61(2) of the Act(1) (deduction of contributions equivalent premium from refund of scheme contributions), details of the amount certified under section 63 of the Act(2) (further provisions concerning calculations relating to premiums);

(f) how the exercise of the member’s right mentioned in subsection (2)(a)(i) of section 101AC of the Act will affect his other rights, if any, under the scheme;

(g) that if on a winding up of a scheme the cash transfer sum or contribution refund may be reduced in accordance with regulation 4(7), that the member will be informed that there may be reductions and that if the scheme does begin to be wound up that he will be informed if the cash transfer sum or contribution refund is to be reduced; and

(h) that if the member does not exercise his right on or before the reply date or such later date as the trustees or managers may allow in his case under section 101AI(2) of the Act (rights under section 101AB: further provisions), the trustees or managers will be entitled to pay the contribution refund to him.

(2) Where in relation to a member—

(a) a payment is made out of an occupational pension scheme (A) to the trustees or managers of another occupational pension scheme (B); and

(b) transfer credits have been allowed to the member under scheme (B),

the trustees or managers of scheme (A) shall on the written request of the trustees or managers of scheme (B) provide the trustees or managers of scheme (B) within a period of one month beginning with the date of the request, information in writing as to the amount of the employee contributions made to scheme (A) by or on behalf of the member so far as they relate to the transfer payment.

(1)

Section 61 is amended by paragraph 55 of Schedule 5 to the Pensions Act 1995, paragraph 5(2) of Schedule 5 to the Child Support, Pensions and Social Security Act 2000 (c. 19) and paragraph 12 of Schedule 12 to the Pensions Act 2004.

(2)

Section 63 is amended by paragraph 57 of Schedule 5 and Part 3 of Schedule 7 to the Pensions Act 1995, paragraph 56 of Schedule 1 to the Social Security Contributions (Transfer of Functions, etc) Act 1999 (c. 2) and paragraph 5 of Schedule 5 to the Child Support, Pensions and Social Security Act 2000.