Regulation 111 Transfer value payments made to other schemes or pension arrangementsI1

United Kingdom

(1)

A transfer value payment may only be made in respect of the accrued rights to benefits of an active or deferred member of this scheme.

(2)

A transfer value payment may only be made to—

(a)

a registered pension arrangement in the United Kingdom; or

(b)

a pension arrangement that is a qualifying recognised overseas pension scheme for the purposes of Part 4 (pension schemes etc.) of FA 2004.

(3)

A transfer value payment may not be made in respect of rights that are attributable (directly or indirectly) to a pension credit.

(4)

A member may only require the scheme manager to use a transfer value payment in a way specified in section 95(2A) (ways of taking right to cash equivalent) of PSA 1993^f1.

(5)

The whole of the transfer value payment must be made in accordance with the provisions of this regulation.

Annotations

Commencement

I1: Reg. 111 in force at 1.4.2022, see reg. 1(4)

Footnotes

f1: Section 95(2A) was inserted by the Pension Schemes Act 2015, section 68(1) and (3).