Regulation 6 Amendment of the Contracting-out (Transfer and Transfer Payment) Regulations 1996

Amend the Contracting-out (Transfer and 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 a salary-related contracted-out scheme nor one in respect of which section 53 of the 1993 Act applies by virtue of section 52(1) of that Act.”.