The Occupational Pension Schemes (Transfer Values) Regulations 1996

PART IE+W+S GENERAL

Citation, commencement and interpretationE+W+S

1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Transfer Values) Regulations 1996 and shall come into force on 6th April 1997.

(2) In these Regulations, unless the context otherwise requires—

“the 1993 Act" means the Pension Schemes Act 1993;

“the 1995 Act" means the Pensions Act 1995;

[F1 “ the 2004 Act ” means the Pensions Act 2004; ]

“appropriate date" has the meaning given to that expression in section 97(3A) of the 1993 Act M1 ;

“base rate" has the meaning given to that expression in the Local Government Pension Scheme Regulations [F21997];

[F3“the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;]

“cash equivalent" means a cash equivalent or guaranteed cash equivalent mentioned in section 93A(1) or 94(1) of the 1993 Act M2 ;

“guarantee date" has the meaning given to that expression in section 93A(2) of the 1993 Act;

“member" (except in regulation 11 and regulation 13(a)(iii)) means a member of a scheme to whom Chapter IV of Part IV of the 1993 Act applies;

“post-97 protected rights" has the meaning given to that expression in the Protected Rights (Transfer Payment) Regulations 1996 M3 ;

“relevant date" has the meaning given to that expression in section 94(2) of the 1993 Act M4 ;

[F4“salary related scheme" has the meaning given in regulation 1A;]

“scheme", except in the expressions “personal pension scheme" and “receiving scheme", means occupational pension scheme;

“scheme actuary", in relation to a scheme to which section 47(1)(b) of the 1995 Act applies, means the actuary mentioned in section 47(1)(b) of that Act;

“section 9(2B) rights" has the meaning given to that expression in the Contracting-out (Transfer and Transfer Payment) Regulations 1996 M5 ;

“trustees", in relation to a scheme which is not set up or established under a trust, means the managers of the scheme M6

and other expressions have the same meaning as in the 1993 Act.

Textual Amendments

Marginal Citations

M1Section 97(3A) was inserted by paragraph 4(c) of Schedule 6 to the Pensions Act 1995.

M2Section 94(1) was amended by section 154(1) of the Pensions Act 1995.

M4Section 94(2) was amended by section 154(4) of the Pensions Act 1995.

M6 In relation to regulation 11, see also the Occupational Pension Schemes (Managers) Regulations 1986, S.I. 1986/1718.

[F5Salary related schemesE+W+S

1A.  For the purposes of Chapter IV of Part IV of the 1993 Act and these regulations an occupational pension scheme is salary related if it is not a money purchase scheme and it is not a scheme—

(a)the only benefits provided by which (other than money purchase benefits) are death benefits; and

(b)under the provisions of which no member has accrued rights (other than rights to money purchase benefits).]

Textual Amendments