Regulation 6 Insertion of regulation 3A into the principal Regulations

After regulation 3 of the principal Regulations, there shall be inserted the following regulation—

“Modifications of Part III of the Act on transfers from policies of insurance or annuity contracts

3A

Where a transfer in respect of an earner’s accrued rights to guaranteed minimum pensions has taken place from an appropriate policy in accordance with regulation 2A, Part III of the Act shall have effect subject to the following modifications—

(a)

where the earner has entered employment which is contracted-out by reference to the receiving scheme, the modifications of section 35(1) and (8) specified in paragraphs 2 and 3 of Schedule 3A;

(b)

where the earner has entered employment which is not contracted-out by reference to the receiving scheme, the modifications of sections 26(2), 35(8), 38(3) and 48 specified in paragraphs 1, 3, 4 and 5 of Schedule 3A.”.