Regulation 50 Closure and transfer of added pension accountI1

England and Wales

(1)

Where an active member (P) has an added pension account, the added pension account must remain open until—

(a)

P has claimed a retirement pension and the amount of added pension is transferred to the retirement account or the deferred member’s account; or

(b)

a transfer value payment is made in respect of P’s rights to the accrued added pension; or

(c)

where a transfer of entries referred to in paragraph (2) has been completed.

(2)

Where a scheme manager has provided a certificate under regulation 155 (requirement for scheme manager to provide a certificate) in respect of an added pension account, the new scheme manager must establish an added pension account and transfer the entries from that certificate to that account.

Annotations

Commencement

I1: Reg. 50 in force at 1.4.2015, see reg. 1(2)