{
  "url": "https://openlegislation.uk/personal-pension-schemes-transfer-payments-regulations-1988/regulation-6",
  "json_url": "https://openlegislation.uk/personal-pension-schemes-transfer-payments-regulations-1988/regulation-6.json",
  "legislation": "uksi/1988/1014",
  "legislation_title": "The Personal Pension Schemes (Transfer Payments) Regulations 1988",
  "legislation_url": "https://openlegislation.uk/personal-pension-schemes-transfer-payments-regulations-1988",
  "path": "regulation/6",
  "kind": "regulation",
  "number": "6",
  "heading": "Requirements as to the acceptance of transfer payments",
  "text": "(1) A personal pension scheme shall not accept a transfer payment from —\n(a) a retirement benefits scheme, or\n(b) a statutory scheme\n(in this regulation referred to as “the paying scheme”) in the circumstances specified in paragraph (2) unless the administrator of the personal pension scheme has obtained the certificate specified in paragraph (3) from the individual referred to in paragraph (2).\n(2) The circumstances specified in this paragraph are circumstances where, in respect of any employment to which the proposed transfer payment, or any part of it, relates —\n(a) an individual is, or has been at any time during the period of ten years prior to the date on which a right to a cash equivalent arose, a controlling director, or\n(b) an individual’s annual remuneration is, or was for any year during the period of ten years prior to the date on which the right to a cash equivalent arose, £100,000 or in excess of that amount.\n(3) The certificate specified in this paragraph is a certificate, signed by the administrator of the paying scheme, and which shows that —\n(a) the proposed transfer payment calculated in accordance with “Retirement Benefit Schemes — Transfer Values (GN11)” published by the Institute of Actuaries and the Faculty of Actuaries and current at the date of the calculation does not exceed the cash equivalent of the benefits under the paying scheme reflected in the transfer payment (together with, in circumstances where paragraph (4) is applicable, such cash equivalent as is not so reflected) based on the formula N/NS × P where — N is the number of actual years service in respect of which benefits have accrued to the member under —\n(i) the paying scheme, and\n(ii) where a transfer payment has been accepted by the paying scheme from a retirement benefits scheme or statutory scheme, the retirement benefits scheme or statutory scheme,\nNS up to a maximum of 40, NS is the number of years of potential service to normal retirement age under the rules of —\n(i) the paying scheme, and\n(ii) where a transfer payment has been accepted by the paying scheme from a retirement benefits scheme or statutory scheme, the retirement benefits scheme, or statutory scheme, NS up to a maximum of 40, and NS is the maximum benefits which could have been provided under the rules of the paying scheme in respect of the number of potential years of service expressed in the denominator NS, taking into account the maximum benefits that the scheme could have provided for the individual and his dependants, and on the assumptions that —\n(i) had the individual remained a member of the scheme the benefits which would have accrued to him throughout the period between the end of his actual service and his normal retirement age under the rules of the paying scheme would have increased at the rate of 5 per cent. per annum, and\n(ii) that pensions payable thereafter would increase at the rate of 3 per cent. per annum; and\n(b) except in the circumstances and to the extent specified in paragraph (4), the proposed transfer payment represents the whole of the individual’s accrued rights to benefits under the paying scheme.\n(4) The circumstances specified in this paragraph are circumstances where, to the extent that any enactment requires or permits an occupational pension scheme to restrict the amount which may be transferred —\n(a) regulation 2A of the Occupational Pension Schemes (Transfer Values) Regulations 1985 applies and the transfer value provided by the occupational pension scheme does not include benefits which accrued to the individual as a member of the scheme in relation to the service before 6th April 1988, or\n(b) the individual’s benefits include rights to a guaranteed minimum pension or protected rights and the personal pension scheme receiving the transfer payment is not an appropriate personal pension scheme.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 1985/1931; regulation 2A was inserted by S.I. 1987/1107 and amended by S.I. 1988/523."
    }
  ],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1989/1115",
      "affecting_title": "The Personal Pension Schemes (Transfer Payments) (Amendment) Regulations 1989"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/1014/regulation/6",
    "retrieved_at": "2026-10-29T16:05:27.703657+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}