Regulation 8 Prescribed members whose conversion assets value exceeds permitted amount

(1)

If—

(a)

this regulation applies to a prescribed member; and

(b)

the Board have exercised their discretion under section 611(3)^f1 to treat the eligible scheme as two (or more) separate schemes;

the restriction in paragraph (2) applies to the prescribed member.

(2)

The restriction is that the prescribed member may not become a member of the resultant personal pension scheme at the date of change, unless, before that date, the value of the prescribed member’s fund, calculated in accordance with normal actuarial practice, is shown to be less than or equal to the permitted amount.

Annotations

Footnotes

f1: Section 611(3) was amended by paragraph 4(3) of Schedule 13 to the Finance Act 2000.