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The Contracting-out (Transfer and Transfer Payment) Regulations 1996
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- UK Statutory Instruments
- 1996 No. 1462
- PART III
- Regulation 7
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Changes and effects yet to be applied to Regulation 7:
- reg-1 defn(s). revoked by S.I. 1999/3198 reg 2
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
- Act modified by S.I. 1996/1977 reg.4
General
7.—(1) A transfer of liability—
(a)from F1... a salary-related F2... scheme F3... F4... in respect of the accrued section 9(2B) rights of an earner; or
(b)from F1... a salary-related F2... scheme F3... for the payment to or in respect of a person who has become entitled to them of pensions under that scheme deriving from section 9(2B) rights
may be made in accordance with arrangements which satisfy paragraph (2) and no such transfer may be made otherwise.
(2) The arrangements referred to in paragraph (1) must result in there being made—
(a)in the case of a transfer referred to in paragraph (1)(a), a transfer payment to the receiving scheme or overseas arrangement, in accordance with whichever of regulations 8 to 11 is applicable, of at least the cash equivalent of the accrued section 9(2B) rights in respect of which the transfer is being made, as calculated and verified in a manner consistent with regulations made under section 97 of the 1993 Act; and
(b)in the case of a transfer referred to in paragraph (1)(b), a connected employer transfer payment F5... in accordance with regulation 9 [F6or a transfer in accordance with regulation 11A].
[F7(2A) A transfer payment from [F8a salary-related scheme] in respect of the payment of pensions under [F9that scheme] deriving from section 9(2B) rights to or in respect of a person who has become entitled to them may be made in accordance with regulation 11A and no such transfer payment may be made otherwise.]
(3) In this regulation and regulations 8 to [F1011A] “transfer payment" means a payment to effect a transfer of liability such as is referred to in paragraph (1) [F11or a payment in respect of pensions deriving from section 9(2B) rights such as is referred to in paragraph (2A)].
Textual Amendments
F1Words in reg. 7(1) omitted (6.4.2018) by virtue of The Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2018 (S.I. 2018/234), regs. 1, 2(3)(a)(i)
F2Word in reg. 7(1) omitted (6.4.2018) by virtue of The Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2018 (S.I. 2018/234), regs. 1, 2(3)(a)(ii)
F3Words in reg. 7(1)(a)(b) omitted (6.4.2016) by virtue of The Pensions Act 2014 (Abolition of Contracting-out for Salary Related Pension Schemes) (Consequential Amendments and Savings) Order 2016 (S.I. 2016/200), arts. 1(2), 4(5)(b)
F4Words in reg. 7(1)(a) revoked (6.4.1997) by The Personal and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 1997 (S.I. 1997/786), reg. 1, Sch. 1 para. 7(4), Sch. 2
F5Words in reg. 7(2)(b) omitted (6.4.2013) by virtue of The Occupational and Stakeholder Pension Schemes (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/459), regs. 1, 4(3)
F6Words in reg. 7(2)(b) inserted (3.7.2017) by The Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2017 (S.I. 2017/600), regs. 1, 2(5)(a)
F7Reg. 7(2A) inserted (3.7.2017) by The Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2017 (S.I. 2017/600), regs. 1, 2(5)(b)
F8Words in reg. 7(2A) substituted (6.4.2018) by The Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2018 (S.I. 2018/234), regs. 1, 2(3)(b)(i)
F9Words in reg. 7(2A) substituted (6.4.2018) by The Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2018 (S.I. 2018/234), regs. 1, 2(3)(b)(ii)
F10Word in reg. 7(3) substituted (3.7.2017) by The Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2017 (S.I. 2017/600), regs. 1, 2(5)(c)
F11Words in reg. 7(3) inserted (3.7.2017) by The Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2017 (S.I. 2017/600), regs. 1, 2(5)(c)
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