C1C2C3C4C5Part IIIF5Schemes that were contracted-out etc and Effects on Members’ State Scheme Rights F6...

Annotations:
Amendments (Textual)
F5

Words in Pt. 3 heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 3(a)

F6

Words in Pt. 3 heading omitted (6.4.2016) by virtue of Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 3(b)

Modifications etc. (not altering text)
C2

Pt. III: power to modify conferred (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 149(1), 180(1); S.I. 1996/778, art. 2(6); S.I. 1997/664, art. 2(3), Sch. Pt. 2

Chapter IF7Schemes that were contracted-out: guaranteed minimum pensions and alteration of scheme rules etc

Annotations:
Amendments (Textual)
F7

Pt. 3 Ch. 1 heading substituted (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 13 para. 4

F8Guaranteed minimum pensions

Annotations:
Amendments (Textual)

I120 Transfer of accrued rights.

1

Regulations may prescribe circumstances in which and conditions subject to which—

a

a transfer of or a transfer payment in respect of—

i

an earner’s accrued rights to guaranteed minimum pensions under a F9scheme that was a contracted-out scheme;

ii

an earner’s accrued rights to pensions under an occupational pension scheme F10... to the extent that those rights derive from his accrued rights to guaranteed minimum pensions under a F11scheme that was a contracted-out scheme; or

iii

the liability for the payment of guaranteed minimum pensions to or in respect of any person who has become entitled to them,

may be made by an occupational pension scheme to another such scheme F1, to a personal pension scheme or to an overseas arrangement;

b

a transfer of or a transfer payment in respect of an earner’s accrued rights to guaranteed minimum pensions which are appropriately secured for the purposes of section 19 may be made to an occupational pension scheme F2, a personal pension scheme or an overseas arrangement.

2

Any such regulations may be made so as to apply to earners who are not in employment at the time of the transfer.

3

Regulations under subsection (1) may provide that any provision of this Part (other than sections 18, 19 and 43 to 45, F4... so far as they apply to personal pension schemes) or of Chapter III of Part IV or Chapter II of Part V shall have effect, where there has been a transfer to which they apply, subject to such modifications as may be specified in the regulations.

4

Regulations under subsection (1) shall have effect in relation to transfers whenever made unless they provide that they are only to have effect in relation to transfers which take place after they come into force.

5

The power conferred by subsection (1) is without prejudice to the generality of section 182(2).

6

In the provisions mentioned in subsection (3) “accrued rights”, in relation to an earner, means the rights conferring prospective entitlement under the scheme in question to the pensions to be provided for the earner and the earner’s F3widow, widower or surviving civil partner in accordance with sections 13 and 17, and references to an earner’s accrued rights to guaranteed minimum pensions shall be construed accordingly.