Regulation 4 Amendment of the Protected Rights (Transfer Payment) Regulations 1996

The Protected Rights (Transfer Payment) Regulations 1996^f1 are amended as follows.

For regulation 3C(8)(b) (transfer payment to certain schemes without the member’s consent)^f2, substitute—

“(b)

the relevant actuary gives a certification, by completing the certificate in Schedule 3, in relation to the members’ protected rights in the receiving scheme;

(ba)

the relevant actuary sends that certificate to the trustees or managers of the transferring scheme;

(bb)

the transfer takes place within three months of the date of the relevant actuary’s signature in the certificate;

(bc)

there are no significant changes to the benefits, data and documents used in making the certificate (see the benefits, data and documents specified in the certificate) by the date on which the transfer takes place; and”.

After Schedule 2 (transitional provisions), insert as Schedule 3 the Schedule specified in Schedule 2 to these Regulations.