(This note is not part of the Regulations)

These Regulations provide for the circumstances in which the implementation period may be extended, postponed or in which it may cease, and how a person responsible for a pension arrangement may discharge his liability in respect of a pension credit.

Part I and regulation 1 provide for citation, commencement and interpretation.

Part II and regulations 2 to 5 deal with the extension, postponement or cessation of the implementation period.

Regulation 2 specifies the period within which the trustees or managers of an occupational pension scheme are to notify the Occupational Pensions Regulatory Authority (OPRA) should they fail to discharge their liability in respect of a pension credit within the implementation period.

Regulation 3 sets out the circumstances in which OPRA may grant an extension of the implementation period.

Regulation 4 provides for the postponement or cessation of the implementation period for a pension credit when an application is made for leave to appeal out of time.

Regulation 5 sets out the maximum penalties which OPRA may impose in any case where OPRA is satisfied that a trustee or manager has not taken all reasonable steps to ensure that their liability for the pension credit was discharged within the implementation period, or to ensure that OPRA was notified of the failure to discharge that liability within the period prescribed by regulation 2.

Part III and regulation 6 provide for how liability in respect of a pension credit may be discharged in the event of the death of the person entitled to a pension credit.

Part IV and regulations 7 to 18 provide for how liability in respect of a pension credit may be discharged.

Regulations 7 and 8 set out the circumstances in which the trustees or managers of a funded pension scheme and an unfunded pension scheme other than a public service scheme may discharge their liability in respect of a pension credit.

Regulation 9 sets out the circumstances in which a person responsible for an annuity contract or an insurance policy may discharge his liability in respect of a pension credit.

Regulation 10 provides for how the value of appropriate rights is to be calculated.

Regulation 11 specifies the requirements to be met by annuity contracts or policies of insurance in order for them to be qualifying arrangements.

Regulations 12 to 15 specify the requirements to be met by a pension arrangement in order for it not to be disqualified as a destination for a pension credit.

Regulations 16 to 18 specify the circumstances in which the amount of a pension credit may be reduced or increased.

An assessment of the cost to business of the provisions of the Welfare Reform and Pensions Act 1999, including these Regulations, is detailed in the Regulatory Impact Assessment for that Act. A copy of this Assessment has been placed in the libraries of both Houses of Parliament. Copies can be obtained by post from the Department of Social Security, Pensions on Divorce, 3rd Floor, The Adelphi, 1-11 John Adam Street, London WC2N 6HT.