Amendment of the Pension Sharing (Pension Credit Benefit) Regulations 200012
1
The Pension Sharing (Pension Credit Benefit) Regulations 2000 shall be amended in accordance with this regulation.
2
In regulation 1 (citation, commencment and interpretation), in paragraph (2) in the definition of “the reference banks” for sub-paragraph (a) substitute the following sub-paragraph—
a
are authorised by the Financial Services Authority under the Banking Act 1987;
3
In regulation 10 (transfer of a person’s pension credit rights without consent)—
a
in paragraph (3), for “paragraph (6)(a),” substitute “paragraph (6), a”;
b
after paragraph (8) insert the following paragraph—
9
Where the pension credit rights which are to be transferred in accordance with this regulation are or include safeguarded rights, the pension credit rights must be transferred to either a salary related contracted-out scheme or a money purchase contracted-out scheme.
4
In regulation 22 (requirements to be met by an eligible scheme), in paragraph (1)(a) for “regulation 9(3)(c)” substitute “regulation 9(5)(c)”.
5
In regulation 24 (manner of calculation and verification of cash equivalents), in paragraph (5) after “requirements of” insert “Chapter IV of Part IV of the 1993 Act (protection for early leavers—transfer values) and”.
6
In regulation 27 (increases and reductions of cash equivalents before a statement of entitlement has been sent to the eligible member), in paragraph (1) after “once” insert “a statement of the value of”.