Amendments to regulation 10 (Inward transfers)
9. In regulation 10—
(a)for paragraph (1) substitute—
“(1) Where a person in pensionable service (P) has been a member of a registered pension scheme or a qualifying recognised overseas pension scheme, P, whether or not P becomes a contributor (within the meaning of these Regulations), may give written notice to the Secretary of State that P wishes the Secretary of State to accept from the trustees or manager of that scheme a value of the transfer from that scheme.”;
(b)in paragraph (2), for “wishes of the person entering pensionable employment” substitute “election made under regulation 4(2)(c)”.
(c)after paragraph (2) insert—
“(3) A person who has given written notice under paragraph (1) may at any time by giving written notice to the Secretary of State require the Secretary of State to realise any investment and to re-invest the proceeds under paragraph (2) in a different way.”.