Paragraph 2 The Personal Pension Schemes (Transfer Values) Regulations 1987

In regulation 2(b) of the Personal Pension Schemes (Transfer Values) Regulations 1987 M1 for the words “regulations 2 and 3 of the Protected Rights (Transfer Payment) Regulations 1987" substitute the words “ regulation 2 of the Protected Rights (Transfer Payment) Regulations 1996. ”.

Paragraph (1) shall not apply where the cash equivalent is used on or after 6th April 1997 in pursuance of an application made under section 95 of the Pension Schemes Act 1993 before that date.