Section 26 Transfer etc of small dormant pension potsI1
England, Wales and Scotland
Small pots regulations must require the trustees or managers of an auto-enrolment scheme, in relation to each small dormant pot held by the scheme in respect of which they have sent a transfer notice, to implement the proposals set out in the notice in accordance with this section.
Subsection (1) does not apply to a pension pot if the trustees or managers have received a response under section 24(3)(d)(ii) in relation to it.
Small pots regulations must secure that if—
the trustees or managers do not receive a response to the notice, and
the default proposal involves the transfer of the pot to a consolidator scheme,
the trustees or managers are required to transfer the pot to that scheme.
Small pots regulations must secure that if—
the trustees or managers receive a response to the notice, and
the alternative option identified by the individual under section 24(3)(d)(i) involves the transfer of the pot to a consolidator scheme,
the trustees or managers are required to transfer the pot to that scheme.
Small pots regulations must secure that if—
the trustees or managers do not receive a response to the notice, and
the default proposal involves the pot being held by a consolidator scheme subject to an arrangement specified in the proposal,
the pot is required to be held subject to that arrangement.
Small pots regulations must secure that if—
the trustees or managers receive a response to the notice, and
the alternative proposal identified by the individual under section 24(3)(d)(i) involves the pot being held by an arrangement specified in the proposal,
the pot is required to be held subject to that arrangement.
The trustees or managers may transfer a pension pot by virtue of subsection (3) or (4), or change the arrangement subject to which a pension pot is held by virtue of subsection (5) or (6), notwithstanding that it breaches a term of the scheme (such as a requirement for consent); and any such breach is to be disregarded for all purposes.
Annotations
Commencement
- I1
S. 26 in force at Royal Assent, see s. 133(4)(b)