http://www.legislation.gov.uk/uksi/2021/1237/introductionThe Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021enPENSIONSStatute Law Database2026-03-09Expert Participation2026-02-23These Regulations prescribe the conditions for pension transfers that the Secretary of State is required to prescribe further to the amendments made by section 125 (exercise of right to cash equivalent) of the Pension Schemes Act 2021 (c. 1) to the Pension Schemes Act 1993 (c. 48) (“the 1993 Act”), in particular the insertion of subsections (6ZA) to (6ZC) into section 95 (ways of taking right to cash equivalent) and of subsections (5A) to (5C) into section 101F (power to give transfer notice). Those sections of the 1993 Act provide for the different ways in which trustees or managers of an occupational or personal pension scheme may, further to application or notice from the member of their scheme (“the transferring scheme”), use the cash equivalent value of, respectively, either the member’s accrued rights to benefits, or pension credit rights, so as to make a transfer of that value into another occupational or personal pension scheme.2021 No. 1237PensionsThe Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021Made3rd November 2021Laid before Parliament8th November 2021Coming into force30th November 2021
The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 95(6ZA) to (6ZC), 101F(5A) to (5C), 181(1) and (3), 182(1) and (2) and 183(1) of the Pension Schemes Act 1993.
In accordance with section 185(1) of the Pension Schemes Act 1993, the Secretary of State has consulted such persons as the Secretary of State considers appropriate.1993 c. 48.Section 95(6ZA) to (6ZC) was inserted by section 125(2) of the Pension Schemes Act 2021 (c. 1).Section 101F was inserted by section 37 of the Welfare Reform and Pensions Act 1999 (c. 30) and subsections (5A) to (5C) were inserted by section 125(6) of the Pension Schemes Act 2021.Section 181(1) is cited for the meaning given to “prescribe” and “regulations”.Section 182(1) was amended by paragraph 1 of Part III of Schedule 7 to the Pensions Act 1995 (c. 26).Section 183(1) was amended by paragraph 1 of Part III, and paragraph 1 of Part IV, of Schedule 7 to the Pensions Act 1995.Section 185(1) was amended by paragraph 46 of Schedule 3, paragraph 80 of Schedule 5, and Part 1 of Schedule 7 to the Pensions Act 1995.