http://www.legislation.gov.uk/uksi/2021/1237/regulation/1The Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021enPENSIONSStatute Law Database2026-04-13Expert Participation2026-04-06 These 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. 1 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 2000; “the 2001 Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; “the 2004 Act” means the Finance Act 2004; “the 2021 Act” means the Pension Schemes Act 2021; “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); “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. 2000 c. 8. S.I. 2001/544. 2004 c. 12. 2021 c. 1. Section 169(2)(ba) was inserted by paragraph 13 of Schedule 4 to the Finance Act 2017 (c. 10) and section 169(2)(c) was amended by section 53(3) of the Finance Act 2013 (c. 29).Section 169(2A) was inserted by paragraph 13 of Schedule 4 to the Finance Act 2013.There are other amendments to section 169 that are not relevant. Reg. 1 in force at 30.11.2021, see reg. 1(2)