Section 6 Provision for payment of block transfer value into another pension scheme.

United Kingdom

(1)

F1. . . The F2IPSA may, with the consent of the Treasury and the Minister for the Civil Service direct that, on a specified date, there shall be paid into or for the purposes of a specified overseas fund or scheme a specified sum representing the aggregate value on that date of the accrued pension rights of all Representatives and other persons under the relevant pension provisions, excluding (if F3the direction so provides) those of persons of any specified class.

(2)

Before F4giving a direction under this section the F5IPSA shall consult with—

(a)

the managers appointed under the relevant pension provisions; and

(b)

such persons representing the interests of Representatives and other persons having pension rights under the relevant pension provisions as F6it considers appropriate,

and shall not F7give such a direction unless it has been informed by or on behalf of the persons administering the overseas fund or scheme in question that they are willing to accept the sum proposed to be specified in F8the direction.

(3)

For the purposes of this section the aggregate value on any date of the accrued pension rights mentioned in subsection (1) shall be taken to be such sum as for those purposes may be certified by the Government Actuary.

(4)

In this section—

“overseas fund or scheme” means a fund or scheme which is established outside the United Kingdom or wholly or primarily administered outside the United Kingdom and which is approved by the Commissioners of Inland Revenue F9. . . for the purposes of this section;
“the relevant pension provisions”, in relation to F10a direction under this section, means all such provisions contained in F11a scheme made under section 4 as are in force when the F12direction is given.

Annotations

Textual amendments

F1: Words in s. 6(1) repealed (27.12.1995) by S.I. 1995/2995, art. 2(3) (with art. 3)
F2: Words in s. 6(1) substituted (1.11.2013) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 39(2)(a); S.I. 2013/2826, art. 2(b)(ii) (with art. 3)
F3: Words in s. 6(1) substituted (1.11.2013) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 39(2)(b); S.I. 2013/2826, art. 2(b)(ii) (with art. 3)
F4: Words in s. 6(2) substituted (1.11.2013) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 39(3)(a); S.I. 2013/2826, art. 2(b)(ii) (with art. 3)
F5: Words in s. 6(2) substituted (1.11.2013) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 39(3)(b); S.I. 2013/2826, art. 2(b)(ii) (with art. 3)
F6: Words in s. 6(2) substituted (1.11.2013) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 39(3)(c); S.I. 2013/2826, art. 2(b)(ii) (with art. 3)
F7: Words in s. 6(2) substituted (1.11.2013) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 39(3)(d); S.I. 2013/2826, art. 2(b)(ii) (with art. 3)
F8: Words in s. 6(2) substituted (1.11.2013) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 39(3)(e); S.I. 2013/2826, art. 2(b)(ii) (with art. 3)
F9: Words in s. 6(4) repealed (6.4.1997) by 1995 c. 26, ss. 151, 177, Sch. 5 para. 7, Sch. 7 Pt. III; S.I. 1997/664, art. 2, Sch. Pt. II
F10: Words in s. 6(4) substituted (1.11.2013) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 39(4)(a); S.I. 2013/2826, art. 2(b)(ii) (with art. 3)
F11: Words in s. 6(4) substituted (1.11.2013) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 39(4)(b); S.I. 2013/2826, art. 2(b)(ii) (with art. 3)
F12: Words in s. 6(4) substituted (1.11.2013) by Constitutional Reform and Governance Act 2010 (c. 25), s. 52, Sch. 6 para. 39(4)(c); S.I. 2013/2826, art. 2(b)(ii) (with art. 3)