Search Legislation

The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Amendment of Part 3 of the 1996 Regulations

This section has no associated Explanatory Memorandum

4.—(1) Part 3 (guaranteed statements of entitlement and calculation of transfer values) of the 1996 Regulations is amended as follows.

(2) In the heading to Part 3, omit the word “guaranteed”.

(3) In the heading to regulation 6, omit the word “Guaranteed”.

(4) In regulation 6 (guaranteed statements of entitlement)—

(a)in paragraph (1)(a)(1), omit the words “under section 93A of the 1993 Act (salary related schemes: right to statement of entitlement)”;

(b)in paragraph (1B)(2), omit the definition of “application”;

(c)after paragraph (1B) insert—

(1C) Where a member has transferrable rights in relation to two categories of benefits other than money purchase benefits, the trustees or managers must provide the member with a statement of entitlement setting out a separate cash equivalent in relation to each of the categories of benefits, unless the member’s application relates to one of the categories of benefits only.;

(d)in paragraph (3), omit the words “under section 93A(1) of the 1993 Act”;

(e)omit paragraph (4);

(f)insert at the end—

(5) In this regulation, “application” means an application for a statement of entitlement made under section 93A(1) of the 1993 Act (right to statement of entitlement: benefits other than money purchase)..

(5) In regulation 7C(3)(b)(ii) (manner of calculation of initial cash equivalents for money purchase benefits)(3), for “Chapter IV of Part IV” substitute “Chapter 1 of Part 4ZA”.

(6) In regulation 7D(3) (reductions to initial cash equivalents)(4), for “paragraphs 7 to 11” substitute “paragraphs 7, 10, 11”.

(7) In the heading to regulation 9, for “guaranteed cash equivalents” substitute “cash equivalents shown in the statement of entitlement”.

(8) In regulation 9 (increases and reductions of guaranteed cash equivalents)—

(a)for paragraph (1), substitute—

(1) This regulation applies to a cash equivalent in respect of transferrable rights in relation to categories of benefits other than money purchase benefits where a statement of entitlement has been sent to a member of a salary related scheme by the trustees of the scheme.;

(b)in paragraphs (2), (3)(5), (5) and (6), in each place where it appears, for “guaranteed cash equivalent” substitute “cash equivalent shown in the statement of entitlement”;

(c)in paragraph (5), for “Chapter IV of Part IV” substitute “Chapter 1 of Part 4ZA”.

(9) In regulation 11 (disclosure)—

(a)for paragraph (1)(6) substitute—

(1) Subject to paragraphs (1A) and (1B), a member to whom paragraph (1C) applies is entitled to receive from the trustees, on request, the information mentioned in Schedule 1 in writing.;

(b)after paragraph (1B)(7) insert—

(1C) This paragraph applies—

(a)to a member who is currently accruing rights to one of the categories of benefits; and

(b)to a member who is no longer accruing rights to money purchase benefits unless, in respect of those benefits, a crystallisation event under section 93(7) has occurred.;

(c)omit paragraph (3)(8);

(d)in paragraph (4)(9)—

(i)for “to a guaranteed cash equivalent” substitute “provided under section 93A of the 1993 Act”;

(ii)in sub-paragraph (b)(ii) after the first appearance of the words “cash equivalent” insert “in relation to each of the categories of benefits”;

(iii)after sub-paragraph (b)(ii), insert—

(iia)indicating the amount of the cash equivalent which is attributable to each of the categories of benefits included in the statement of entitlement;;

(e)in paragraphs (4)(b)(ii), (iv), (v) and (vi) and (5), in each place where it appears, for “guaranteed cash equivalent” substitute “cash equivalent shown in the statement of entitlement”.

(1)

Paragraph (1) of regulation 6 was substituted by S.I. 2008/1050, regulation 3.

(2)

Paragraph (1B) of regulation 6 was inserted by S.I. 2005/686, regulation 4(2)(b).

(3)

Regulation 7C was substituted by S.I. 2008/1050, regulation 4.

(4)

Paragraph (3) of regulation 7D was substituted by S.I. 2014/1711, regulation 32(1) and (7)(b).

(5)

Paragraph (3) of regulation 9 was amended by S.I. 2005/706, regulation 15(1) and (7).

(6)

Paragraph (1) of regulation 11 was substituted by S.I. 2008/1050, regulation 5(a).

(7)

Paragraph (1B) of regulation 11 was substituted by S.I. 2008/1050, regulation 5(a).

(8)

Paragraph (3) of regulation 11 was amended by S.I. 2008/1050, regulation 5(c).

(9)

Paragraph (4) of regulation 11 was amended by S.I. 2005/72, regulation 4(a) and S.I. 2008/1050, regulation 5(d), (e), (f) and (g).

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

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.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

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.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources