Citation, commencement, extent and interpretation1.

(1)

These Regulations may be cited as the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021.

(2)

These Regulations come into force on 30th November 2021.

(3)

These Regulations extend to England and Wales and Scotland.

(4)

In these Regulations—

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

“the 2000 Act” means the Financial Services and Markets Act 20003;
“the 2001 Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 20014;
“the 2004 Act” means the Finance Act 20045;
“the 2021 Act” means the Pension Schemes Act 20216;

“amber flag” has the meaning given by regulation 9;

“cash equivalent” has the meaning given by regulation 2(2)(a);

“the First Condition” has the meaning given by regulation 7(1);

“member” has the meaning given by regulation 2(2)(b);

“pension scheme” means an occupational pension scheme or a personal pension scheme;

“QROPS” means a qualifying recognised overseas pension scheme as defined by section 169(2) of the 2004 Act (recognised transfers)7;

“receiving scheme” means the pension scheme to which a member is seeking to make a transfer, subject to regulation 7(6);

“red flag” has the meaning given by regulation 8(3) to (6);

“request to make a transfer” has the meaning given by regulation 2(3);

“the Second Condition” has the meaning given by regulation 8(1);

“transfer” has the meaning given by regulation 2(3); and

“transferring scheme” means the pension scheme from which a member is seeking to make a transfer.