Regulation 10 Amendments to the principal Regulations

For regulation 16^f1 there shall be substituted—

“Transfer of plans to other plan managers

16

(1)

Subject to paragraph (2), where—

(a)

arrangements are made by a plan investor to transfer a plan from one plan manager (“the transferor”) to another plan manager (“the transferee”), or

(b)

a plan is transferred in consequence of the transferor ceasing to act or to qualify as a plan manager,

the transfer shall have effect and the plan shall not otherwise be affected for the purpose of these Regulations by reason of the transfer.

(2)

The transferor shall within 60 days after the date of the transfer give the transferee a notice containing the information specified in paragraph (3) and the declaration specified in paragraph (4).

(3)

The information specified in this paragraph is—

(a)

as regards the plan investor—

(i)

his full name,

(ii)

the address of his permanent residence, including postcode,

(iii)

his date of birth, and

(iv)

if he has one, his national insurance number, and

(b)

as regards the plan—

(i)

whether the plan is a general plan or a single company plan,

(ii)

the date of the transfer,

(ii)

the total amount of cash subscribed to the plan during the period from the beginning of the year in which the transfer takes place to the date of the transfer,

(iv)

the total amount of any sums paid on such an application as is referred to in regulation 4(2A)(a), and on such an allotment or allocation as is referred to in regulation 4(2A)(b), during the period from the beginning of the year in which the transfer takes place to the date of the transfer,

(v)

in the case of any plan investments which, during the period from the beginning of the year in which the transfer of the plan takes place to the date of the transfer, were transferred to, or the rights to which were renounced to, the transferor or a nominee for the transferor in accordance with regulation 4A(2), and which are being transferred to the transferee or a nominee for the transferee by virtue of the transfer of the plan, the market value of those plan investments at the date of acquisition by the transferor,

(vi)

the amount of any dividends on plan investments which are payable to, but have not been received by, the transferor at the date of the transfer,

(vii)

the total amount of interest paid or credited in respect of a cash deposit which is a plan investment and has not been itself invested at the date of the transfer,

(viii)

the total amount of such interest which has been paid by the transferor to or at the direction of the plan investor or otherwise applied for his benefit from the beginning of the year in which the transfer takes place to the date of the transfer.

(4)

The declaration specified in this paragraph is a declaration by the transferor that—

(a)

he has fulfilled all his obligations to plan investors, to the Board or otherwise, which are imposed by these Regulations;

(b)

he has transferred to the transferee or a nominee for the transferee any plan investments which are being transferred by virtue of the transfer of the plan and that, where registration of any such transfer is required, he has taken the necessary steps to ensure that the plan investments can be registered in the name of the transferee or the nominee;

(c)

that the information contained in the notice is correct.”