Regulation 10 Transfer payments to money purchase contracted-out schemes and appropriate personal pension schemes in respect of section 5(2B) rightsI1

Northern Ireland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 10 coming into force by Contracting-out (Transfer and Transfer Payment) 1996 reg. 1(1)
reg. 10 substituted by Pensions (2008 Act) (Abolition of Contracting-out for Defined Contribution Pension Schemes) (Consequential Provisions) 2012 reg. 7(4)
reg. 10 words omitted by Occupational Pension Schemes (Schemes that were Contracted-out) Regulations (Northern Ireland) 2016 reg. 22(3)

A transfer payment in respect of an earner’s accrued section 5(2B) rights may be made to a money purchase contracted-out scheme or an appropriate personal pension scheme if—

(a)

the earner consents in writing;

(b)

the transfer payment is to a money purchase contracted-out scheme, the earner—

(i)

is employed by an employer who is a contributor to the receiving scheme, or

(ii)

has previously been a member of the receiving scheme, and

(c)

the transfer payment is applied so as to provide money purchase benefits under the receiving scheme for, or in respect of, the earner.

Annotations

Commencement

I1: Reg. 10 in operation at 6.4.1997, see reg. 1(1)