{
  "url": "https://openlegislation.uk/occupational-pension-schemes-transfer-values-regulations-1996/schedule-1A/paragraph-8",
  "json_url": "https://openlegislation.uk/occupational-pension-schemes-transfer-values-regulations-1996/schedule-1A/paragraph-8.json",
  "legislation": "uksi/1996/1847",
  "legislation_title": "The Occupational Pension Schemes (Transfer Values) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/occupational-pension-schemes-transfer-values-regulations-1996",
  "path": "schedule/1A/paragraph/8",
  "kind": "paragraph",
  "number": "8",
  "heading": null,
  "text": "Where—\n(1) The cash equivalent shown in a member’s statement of entitlement—\n(i) relates to safeguarded benefits, as defined in [clause 48(8)] of the Pension Schemes Act 2015; and\n(ii) is to be used for acquiring transfer credits in relation to safeguarded benefits under the rules of another scheme; and\n(2) The receiving scheme has undertaken to provide benefits at least equal in value to the benefits represented by that cash equivalent on payment of a lesser sum (including nil),\nthe initial cash equivalent may be reduced so that the cash equivalent is that lesser sum.",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 1A para. 8 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 10(3)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Schs. 1A-1B inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 1"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/1847/schedule/1A/paragraph/8",
    "retrieved_at": "2026-10-29T12:38:58.641877+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}