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Regulation B5 Opting into this Section of the scheme: mis-sold pensionsF1F2

(1)

This regulation shall apply to a person who, during any period—

(a)

was eligible to be an active member of this Section of the scheme;

(b)

opted out of this Section of the scheme under regulation B4(1) and made contributions to a personal pension scheme; and

(c)

has suffered loss as the result of a contravention which is actionable under section 62 of the Financial Services Act 1986 F3or section 150 of the Financial Services and Markets Act 2000.

(2)

Where, at any time, a person to whom this regulation applies elects to join or rejoin this Section of the scheme under regulation B4(5), there shall, if the Secretary of State so determines, be counted as pensionable service in respect of that person a period equal to the aggregate of—

(a)

his additional period of pensionable service as approved by the Secretary of State for the purposes of regulation N3A(2)(i); and

(b)

his “transferred-out service”, if any, within the meaning of regulation N3A(5),

provided there has been paid to the Secretary of State in respect of that person a transfer payment calculated in accordance with regulation N3A.

(3)

Where, at any time, a person to whom this regulation applies elects to join or rejoin this Section of the scheme under regulation B4(5) but dies in pensionable employment or becomes entitled to benefits under Part E of these Regulations before the transfer payment referred to in paragraph (2) has been paid to the Secretary of State in respect of him, paragraph (2) shall continue to apply in the case of that person.

(4)

In this regulation—

  • “active member” means a person who is in pensionable employment under this Section of the scheme; and

  • “personal pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993 and includes—

    1. (i)

      a retirement annuity contract approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

    2. (ii)

      a personal pension scheme approved under Chapter IV of Part XIV of the Income and Corporation Taxes Act 1988;

    3. (iii)

      a retirement benefits scheme approved under section 591(2)(g) of the Income and Corporation Taxes Act 1988.

    4. (iv)

      F4a scheme referred to in (i), (ii) or (iii) that obtained relevant approval under the Income and Corporation Taxes Act 1988 before 6th April 2006 and on that date became a registered scheme for the purpose of the 2004 Act;

    5. (v)

      a scheme established on, or after, 6th April 2006 as a registered scheme for the purpose of the 2004 Act and which the Secretary of State agrees to recognise as a transferring scheme for the purposes of regulations M and N.

Annotations

Textual amendments

F1

Reg. B5 added (12.2.1997) by The National Health Service Pension Scheme and Provision of Information and Administrative Expenses etc. (Amendment) Regulations 1997 (S.I. 1997/80), regs. 1, 3

F2

Words in reg. B5 inserted (1.10.2009) by The National Health Service Pension Scheme, Injury Benefits and Additional Voluntary Contributions (Amendment) Regulations 2009 (S.I. 2009/2446), reg. 1(2), Sch. 1 para. 1

F3

Words in reg. B5(1)(c) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 483(2)

F4

Words in reg. B5(4) added (6.4.2006) by The National Health Service (Pension Scheme, Injury Benefits and Additional Voluntary Contributions) Amendment Regulations 2006 (S.I. 2006/600), regs. 1(2)(b), 4