- Latest available (Revised)
- Original (As made)
There are currently no known outstanding effects for the The Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006, Section 4.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
4. If—
(a)a scheme pension payable by an insurance company selected by the scheme administrator of a registered pension scheme (“the original scheme pension”) ceases to be payable, and
(b)in consequence of the transfer of sums or assets (or both) from the insurance company to another insurance company in connection with the original scheme pension ceasing to be payable, another scheme pension becomes payable by the other insurance company (“the new scheme pension”),
the new scheme pension is to be treated as if it were the original scheme pension for the purposes of Part 4 prescribed in table 1.
Prescribed purposes – scheme pensions
Provision | Purpose |
---|---|
[F1Section 165(1), pension rule 1 | To determine whether the individual has reached the normal minimum pension age by reference to the day on which the original scheme pension was first paid.] |
Section 216(1), benefit crystallisation event 2 (benefit crystallisation event on becoming entitled to a scheme pension) | To determine whether the individual has become entitled to a scheme pension by reference to the original scheme pension (to prevent a benefit crystallisation event occurring in relation to the individual becoming entitled to the new scheme pension). |
Section 216(1), benefit crystallisation event 3 (benefit crystallisation event on becoming entitled to a scheme pension at an increased rate) | To determine the rate at which the scheme pension was payable on the day on which the individual became entitled to it by reference to the rate payable in relation to the original scheme pension. |
Paragraph 2A(3) and (5) of Schedule 28 (unauthorised payments) | To determine— (i) the rate payable when the member became entitled to the pension, and (ii) the amount of any lump sum on which there is no liability to tax to which the member became entitled in conjunction with the pension, by reference to the original scheme pension. |
Paragraph 1(1) and (3)(a) of Schedule 29 (pension commencement lump sum) | To determine whether the member has become entitled to a lump sum in connection with the member becoming entitled to the scheme pension by reference to the original scheme pension (to prevent a lump sum to which a member becomes entitled in connection with becoming entitled to the new scheme pension being a pension commencement lump sum). |
Paragraph 14(3) of Schedule 29 (pension protection lump sum death benefit) | To determine— (i) the amount crystallised by reason of the member becoming entitled to the pension (AC) by reference to the member becoming entitled to the original scheme pension, (ii) the amount of pension paid (AP) as that paid in respect of the original scheme pension and the new scheme pension in respect of the period between the member becoming entitled to the original scheme pension and the member’s death, (iii) the total amount of pension protection lump sum death benefit (TPLS) by reference to that paid in respect of the original scheme pension and the new scheme pension. |
Paragraph 16(3) of Schedule 29 (annuity protection lump sum death benefit) | To determine— (i) the amount crystallised by reason of the member becoming entitled to the pension (AC) by reference to the member becoming entitled to the original scheme pension, (ii) the amount of pension paid (AP) as that paid in respect of the original scheme pension and the new scheme pension in respect of the period between the member becoming entitled to the original scheme pension and the member’s death, and (iii) the total amount of annuity protection lump sum death benefit (TPLS) by reference to that paid in respect of the original scheme pension and the new scheme pension. |
[F2Paragraph 20(2), (3) and (5) of Schedule 36 (pre-commencement pensions) | To determine— (i) whether an individual has pre-commencement pension rights, (ii) whether an individual has a relevant existing pension.] |
Textual Amendments
F1Words in reg. 4 Table 1 inserted (retrospective to 6.4.2010) by The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2011 (S.I. 2011/733), regs. 1(2), 3(2)
F2Words in reg. 4 Table 1 inserted (1.7.2014) by The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment) Regulations 2014 (S.I. 2014/1449), regs. 1(1), 2(2) (with reg. 1(2))
Commencement Information
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: