Regulation 5 Amendment of the Protected Rights (Transfer Payment) Regulations 1996

Amend the Protected Rights (Transfer Payment) Regulations 1996^f1 as follows.

In regulation 1(2) (interpretation) for the definition of “overseas scheme” substitute—

• ““overseas scheme” means—

  1. (a)

     an occupational pension scheme which has its main administration outside the member States; or

  2. (b)

     a European pensions institution as defined in section 293(8) of the Pensions Act 2004 (functions of Regulator in relation to institutions administered in other member States),

but does not include one which is contracted-out within the meaning of section 7(3) of the 1993 Act nor one in respect of which section 53 of the 1993 Act applies by virtue of section 52(1) of that Act.”.