Paragraph 12 The Occupational Pension Schemes (Transfer Values) Regulations 1996

(1)

The Occupational Pension Schemes (Transfer Values) Regulations 1996 M1 shall have effect with the following amendments.

(2)

In regulation 1(2) for the definition of “salary related scheme" substitute—

““salary related scheme" has the meaning given in regulation 1A;”.

(3)

After regulation 1 insert—

“ Salary related schemes
1A
For the purposes of Chapter IV of Part IV of the 1993 Act and these regulations an occupational pension scheme is salary related if it is not a money purchase scheme and it is not a scheme—
(a)
the only benefits provided by which (other than money purchase benefits) are death benefits; and
(b)
under the provisions of which no member has accrued rights (other than rights to money purchase benefits).”.

(4)

In regulation 7(3)(b)—

(a)

omit the words “as being";

(b)

in paragraphs (i), (ii) and (iii) insert the words “ as being ” before the word “consistent";

(c)

in paragraph (iv)—

(i)

after the word “applies," insert the words “ as providing as a minimum an amount ”; and

(ii)

for the words “subject only" onwards substitute the words “ subject, in any case where the cash equivalent calculation is made on an individual and not a collective basis, to any adjustments which are appropriate to take account of that fact. ”.

(5)

In regulation 12(2)(a) for the words “and 4 of the Occupational Pension Schemes (Discharge of Liability) Regulations 1985" substitute the words “ , 4 and 5 or, in the case of a pension or accrued benefit under a relevant scheme, regulation 11 of the Occupational Pension Schemes (Discharge of Liability) Regulations 1997 ”.

Annotations

Marginal citations

M1: S.I. 1996/1847.