The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994

The Protected Rights (Transfer Payment) Regulations 1987(1)

20.—(1) The Protected Rights (Transfer Payment) Regulations 1987 shall be amended as follows—

(2) In regulation 1(2)—

(a) in the definition of “the Act” for “Social Security Act 1986” substitute “Pension Schemes Act 1993”;

(b) omit the definition of “the Pensions Act”;

(c) in the definition of “appropriate personal pension scheme” for “Part I” substitute “section 7”;

(d) in the definitions of “money purchase contracted-out scheme” and “occupational pension scheme” for “section 66(1) of the Pensions Act” substitute “section 181(1) of the Act”;

(e) in the definition of “overseas scheme” for “by virtue of section 32 of the Pensions Act” and “section 49 of that Act” substitute respectively “within the meaning of section 7(3) of the Act” and “section 53 of the Act”;

(f) in the definition of “personal pension scheme” for “section 84(1)” substitute “section 181(1) of the Act”;

(g) in the definition of “protected rights” for the words “Schedule 1” onwards substitute “section 10 of the Act”;

(h) in the definition of “salary related contracted-out scheme” for “section 32(2) of the Pensions Act” substitute “satisfying section 9(2)”;

(i) for the definitions of “section 49 money purchase scheme” and “section 49 salary related scheme” substitute respectively—

““section 53 money purchase scheme” means a scheme which was formerly a money purchase contracted-out scheme and which the Board are under a duty to supervise in accordance with section 53 of the Act”;

““section 53 salary related scheme” means a scheme whih was formerly a salary related contracted-out scheme and which the Board are under a duty to supervise in accordance with section 53 of the Act”.

(3) In regulations 2(4) and (6), 3 and 4(1) and (6)(b) for “section 49” wherever it occurs substitute “section 53”.

(4) In regulation 4(1) for “Part III of the Pensions Act” substitute “the Act”.

(5) In regulation 4(2) for “section 26(2)” and “sections 33 and 36 below” substitute respectively “section 8(2)” and “sections 13 and 17”.

(6) In regulation 4(3) for the words from the beginning to “the Act” substitute “Section 47(2)(b) shall have effect as if after paragraph (ii) there were added”.

(7) In regulation 4(4) for “Section 35(1)” substitute “Section 14(1)”.

(8) In regulation 4(5) for “section 35(5)”, in both places, substitute “section 16(1)”.

(9) In regulation 4(6) for “section 35(7)”, in both places, and “section 1” substitute respectively “section 16(2)” and “section 181(1)”.

(10) In regulation 4(7) for “section 35(8)” and “so however that” substitute respectively “section 16(4)” and “but”.

(11) In regulation 4(8) for “section 44(6)(a)”, in both places, and “section 45(3)(a)” in both places, substitute respectively “section 59(1)(a)” and “section 59(4)(a)”.

(12) In regulation 4(9) for “section 45(1)” and “accrued rights” substitute respectively “section 55(4)(c)” and “under the scheme”.

(13) In paragraph 2 of Schedule 3 for “section 4 of the Act, or section 29(2) or (2A) of the Pensions Act” and “section 35(7) of the Pensions Act” substitute respectively “section 47(2) or (5) or 48(2) of the Act” and “section 16(2) of the Act”.

(1)

S.I. 1987/1118.