Regulation 4A Power to pay certain transfer payments and contribution refundsF1

(1)

The Board must pay 90% of the rights described in paragraph (2) in the circumstances prescribed in paragraph (3).

(2)

The rights are—

(a)

any transfer payment; and

(b)

any payment in respect of a refund of contributions,

to which a member of the scheme was entitled immediately before the commencement of the assessment period.

(3)

The circumstances are that—

(a)

the Board assumes responsibility for a scheme in accordance with Chapter 3 of Part 2 of the Act;

(b)

the circumstances and conditions prescribed in—

(i)

regulation 16(1) of the Entry Rules Regulations (restrictions on winding up, discharge of liabilities etc ); or

(ii)

regulation 2 of the Pension Protection Fund (Hybrid Schemes) (Modification) Regulations 2005 (discharge of liabilities in respect of money purchase benefits during the assessment period),

were met in respect of the rights;

(c)

the rights remained unpaid at the time the transfer notice was received by the trustees or managers of the scheme; and

(d)

the member sends the Board a written request to make a payment in respect of the rights.

Annotations

Textual amendments

F1: Reg. 4A inserted (1.4.2009) by Pension Protection Fund (Miscellaneous Amendments) Regulations 2009 (S.I. 2009/451), regs. 1, 5(5)