Regulation 12 Disqualification as a destination for pension credit—general

The requirements referred to in paragraph 7(1)(b) of Schedule 5 to the 1999 Act (requirements to be satisfied to qualify pension arrangements as destinations for pension credits) are that the pension arrangement—

(a)

is an arrangement which carries on pension business as defined by section 431B of the Income and Corporation Taxes Act 1988 M1 (meaning of “pension business");

(b)

is an overseas arrangement within the meaning given by regulation 1(2) of the Contracting-out (Transfer and Transfer Payment) Regulations 1996 M2 (citation, commencement and interpretation); F1or

(c)

is an overseas scheme within the meaning given by regulation 1(2) M3 of the Contracting-out (Transfer and Transfer Payment) Regulations 1996.

Annotations

Textual amendments

F1: Word in reg. 12(b) substituted (1.12.2000) by The Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000 (S.I. 2000/2691), regs. 1, 11(6)

Marginal citations

M1: Section 431B was inserted by paragraph 2 of Schedule 8 to the Finance Act 1995 (c. 4).
M2: S.I. 1996/1462.
M3: The definition of “overseas scheme" was amended by paragraph 7(2) of Schedule 1 to S.I. 1997/786.