Regulation 9 Purchase of pensions

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 9(2) substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 452(1)
reg. 9(3) words revoked by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 452(2)
reg. 9(4) inserted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 452(3)
reg. 9(2) amended by Insurance Companies (Third Insurance Directives) 1994 reg. 68(1) Sch. 8 para. 37(b)
reg 9 am (retrosp) (to 30.6.1999) by Parliamentary Pensions (Additional Voluntary Contributions Scheme) 2004 reg 4
reg. 9(1) substituted by Parliamentary Pensions 2006 reg. 23(7)

(1)

On or before the date of his retirement, the contributor shall specify in writing to the Trustees the pension or pensions which are to be purchased on his behalf or on behalf of his dependants.

(2)

The Trustees shall purchase the pension or pensions specified under paragraph (1) above from such insurer or friendly society as the Trustees may determine from time to time or as the contributor may in writing specify, being either—

(a)

a company which is a United Kingdom branch or office of an insurance company to which Part II of the Insurance Companies Act 1982 applies and which is authorised under section 3 or 4 of that Act to carry on ordinary long-term insurance business; or

(b)

a friendly society authorised to carry on business under Part IV of the Friendly Societies Act 1992^f1.

(3)

Where a contributor elects for the purchase of pensions to be provided by such insurer or friendly society as he may specify under sub-paragraph (2) above, (not being an insurer or friendly society determined by the Trustees), the making of that election will have the effect of discharging any liability of the Trustees to pay those pensions to or in respect of that contributor.

Annotations

Footnotes

f1: 1992 c. 40.