{
  "url": "https://openlegislation.uk/draft-pensions-regulator-contribution-notices-sum-specified-following-transfer-regulations-2010/note",
  "json_url": "https://openlegislation.uk/draft-pensions-regulator-contribution-notices-sum-specified-following-transfer-regulations-2010/note.json",
  "legislation": "ukdsi/2010/9780111493847",
  "legislation_title": "The Pensions Regulator (Contribution Notices) (Sum Specified following Transfer) Regulations 2010",
  "legislation_url": "https://openlegislation.uk/draft-pensions-regulator-contribution-notices-sum-specified-following-transfer-regulations-2010",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations prescribe how, following a transfer of the accrued pension rights of two or more members of a defined benefit pension arrangement (the “initial scheme”) to a defined contribution pension arrangement (the “transferee scheme”), the Pensions Regulator is to determine the sum specified in a contribution notice (the “sum”) issued in relation to the transferee scheme.\nRegulation 1 provides for citation, commencement and interpretation.\nRegulation 2 sets out how the Pensions Regulator is to determine the sum in cases where the transfer amounts to an act or failure to act falling within section 38(5) of the Pensions Act 2004 (c.35). In these cases, the Regulator is to estimate what the full liabilities of the initial scheme would be at the time of the act or failure to act, were they to be calculated in accordance with section 75 of the Pensions Act 1995 (c.26) (the “liabilities”), identify so much of the liabilities as are attributable to the members transferred, and deduct from those attributed liabilities the aggregate cash value of the transfer credits and rights acquired by the members transferred in the transferee scheme. The sum may be the whole or a specified part of the resulting amount. The Regulator may increase the liabilities by an amount it considers to be appropriate where it is satisfied that, otherwise than as a result of the transfer, the act or failure to act falling within section 38(5) resulted in the amount of the liabilities being less than they would otherwise have been. The Regulator is required, in estimating the full liabilities of the initial scheme, to disregard the reduction in liabilities brought about by the transfer, and to calculate the aggregate cash value of the transfer credits and rights acquired in the transferee scheme as at the time of the acquisition of those credits and rights.\nRegulation 3 sets out how the Pensions Regulator is to determine the sum in cases where the transfer does not amount to an act or failure to act falling within section 38(5) of the Pensions Act 2004 (c.35). Here, the sum is to be either the whole or a specified part of that amount of the shortfall sum in the initial scheme at the relevant time which, in the opinion of the Regulator, is attributable to the members transferred. Subject to one minor qualification, “shortfall sum” and “relevant time” have, for these purposes, the meanings set out in section 39(2) and (4) respectively of the Pensions Act 2004 (c.35). The minor qualification is that the Regulator is required, in identifying the shortfall sum, to disregard any reduction in liabilities brought about by the transfer.\nA full impact assessment has not been produced for this instrument as the impact on the private, public, and voluntary sectors is negligible.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2010/9780111493847/note",
    "retrieved_at": "2026-10-30T14:55:19.031911+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}