Regulation 35 Amendment of regulation 12 of the Preservation of Benefit Regulations

In regulation 12 of the Preservation of Benefit Regulations (transfer of member’s accrued rights without consent) for paragraph (2) there shall be substituted the following paragraph—

“(2)

The condition set out in this paragraph is that the rights of a member are being transferred from the transferring scheme to the receiving scheme and either—

(a)

the transferring scheme and the receiving scheme apply to employment with the same employer; or

(b)

the transferring scheme and the receiving scheme apply to employment with different employers, the member concerned is one of a group in respect of whom transfers are being made from the transferring scheme to the receiving scheme, and either—

(i)

the transfer is a consequence of a financial transaction between the employers; or

(ii)

the employers are companies or partnerships bearing a relationship to each other such as is described in any of sub-paragraphs (a) to (f) of regulation 42(2) of the Occupational Pension Schemes (Contracting-out) Regulations 1984^f1 (“connected employers”).”.