# The Contracting-out, Protected Rights and Safeguarded Rights (Transfer Payment) Amendment Regulations 2005, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Contracting-out (Transfer and Transfer Payment) Regulations 1996 (S.I. 1996/1462) (“the Contracting-out Regulations”), the Protected Rights (Transfer Payment) Regulations 1996 (S.I. 1996/1461) (“the Protected Rights Regulations”) and the Pension Sharing (Pension Credit Benefit) Regulations 2000 (S.I. 2000/1054) (“the Pension Credit Benefit Regulations”).
Regulation 2 amends the Contracting-out Regulations so that regulation 6 applies in respect of transfer payments made to an overseas arrangement (regulation 2(2)(a) and (c)).
Regulation 6 of the Contracting-out Regulations is further amended in order to remove the permanent emigration requirement in relation to transfer payments to overseas schemes or arrangements in respect of guaranteed minimum pensions (regulation 2(2)(b)).
A similar amendment is made to regulation 11 of the Contracting-out Regulations in relation to transfer payments in respect of section 9(2B) rights (regulation 2(3)).
Regulation 3 amends regulation 1 of the Protected Rights Regulations to insert a definition of “overseas arrangement” (regulation 3(2)).
Regulation 5 of the Protected Rights Regulations is also amended in order to remove the permanent emigration requirement in relation to transfer payments to overseas schemes or arrangements in respect of protected rights (regulation 3(3)).
Regulation 4 makes a similar amendment to regulation 19 of the Pension Credit Benefit Regulations in relation to transfer payments in respect of safeguarded rights (regulation 4(2)).
A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business.

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Source: https://www.legislation.gov.uk/uksi/2005/555/note (the official version)
Page: https://openlegislation.uk/contracting-out-protected-rights-and-safeguarded-rights-transfer-payment-amendment-regulations-2005/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.