The Unfunded Public Service Defined Benefits Schemes (Transfers) Regulations 2015

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations prevent transfers under section 95 of the Pension Schemes Act 1993 (‘the 1993 Act’) from an unfunded public service defined benefits scheme to a qualifying recognised overseas pension scheme which can provide flexible benefits as a result of the transfer.

Section 68 of the Pension Schemes Act 2015 (‘the 2015 Act’) restricted, by means of amendments to section 95 of the 1993 Act, transfers out of unfunded public service defined benefits schemes. The restriction does not apply if the scheme to which the transfer is to be made satisfies requirements prescribed in regulations. Section 68(9) of the 2015 Act provides that regulations made under section 95(2)(d) and 95(5)(a) of the 1993 Act apply for the purposes of section 95(2A)(d) and 95(5A) of the 1993 Act respectively, until the coming into force of the first regulations made under the latter provisions. With the coming into force of these Regulations, the first made under section 95(2A)(d) and 95(5A) of the 1993 Act, regulation 12(4) and 12(5) of the Occupational Pension Schemes (Transfer Values) Regulations 1996 (S.I. 1996/1847) will no longer apply for the purposes of those provisions.

An impact assessment has not been produced for this instrument as no impact on the costs of business or the voluntary sector is foreseen.