# The Occupational Pension Schemes (Transfer Values) Amendment Regulations 1987, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations are all made under provisions of the Social Security Pensions Act 1975 (“the 1975 Act”) inserted by, or provisions modified by Regulations made under, the Social Security Act 1986 (“the 1986 Act”), before the end of a period of 12 months from the commencement of the relevant provisions as inserted or modified. Consequently, by virtue of section 61(5) of the 1986 Act, the provisions of section 61(2) and (3) of the 1975 Act (as amended by section 86(1) of, and paragraph 94 of Schedule 10 to, the 1986 Act), which require reference to the Occupational Pensions Board of, and a report by the Board on, proposals to make regulations for certain purposes of both Acts, do not apply to them.
They amend the Occupational Pension Schemes (Transfer Values) Regulations 1985 (“the principal Regulations”).
Regulation 2(2) amends regulation 1(2) of the principal Regulations (interpretation).
Regulation 2(3) amends regulation 2(1) of the principal Regulations so that it extends to members of occupational pension schemes who opt to have their transfer value used to acquire transfer credits or rights under the rules of a money purchase contracted-out scheme or a personal pension scheme.
Regulation 2(4) provides for the right to a cash equivalent to be limited in circumstances where a former member of a scheme remains in employment to which that scheme applies after leaving the scheme voluntarily.
Regulation 2(5) amends regulation 3(2)(b)(ii) of the principal Regulations so as to provide that the publication “Retirement Benefit Schemes — Transfer Values (GN11)” referred to in that provision is to be the one current on the date when the calculation of a transfer value is to be made. The current edition of that publication may be obtained from the Institute of Actuaries, Staple Inn Hall, High Holborn, London WC1V 7QJ, and from the Faculty of Actuaries, 23 St Andrew Square, Edinburgh EH2 1AQ.
The remaining amendments made by these Regulations are minor or consequential.

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Source: https://www.legislation.gov.uk/uksi/1987/1107/note (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-transfer-values-amendment-regulations-1987/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.