# The Personal Pension Schemes (Transfer Payments) Regulations 2001, Regulation 11: Application of transfer payments to a personal pension scheme from or originating from certain schemes mentioned in Chapter I for the provision of lump sums to the member

Extent: E+W+S+N.I.

(1) Where in the circumstances described in regulation 8(2) (omitting the word “proposed” wherever it occurs) a personal pension scheme (“the receiving scheme”) accepts a transfer payment from—
(a) an approved retirement benefits scheme, or
(b) a relevant statutory scheme, or
(c) another personal pension scheme in circumstances where the transfer payment or part of it had its origin in a transfer payment (“the original payment”) from an approved retirement benefits scheme or a relevant statutory scheme,
(“the paying scheme”) the provisions of paragraph (2) shall apply.
(2) Where the provisions of this paragraph apply—
(a) no amount may be paid to the individual in respect of whom the transfer payment is made by way of lump sum on his pension date out of the transfer payment or, as the case may be, the part of that payment unless the administrator of the receiving scheme has obtained from the administrator of the paying scheme the lump sum certificate required by the certificating requirements; and
(b) the amount which may be so paid by way of lump sum may not exceed the aggregate of the amount shown in any such certificate (“the basic amount”) and any amount by which the basic amount may be enhanced at the date of payment.
(3) For the purposes of paragraph (2) the amount by which the basic amount may be enhanced is the result of applying to the basic amount the percentage increase in the retail prices index between—
(a) (i) in a case falling within paragraph (1)(a) or (b), the month in which the transfer payment referred to in the words preceding paragraph (1)(a) was received, or
(ii) in a case falling within paragraph (1)(c), the month in which the original payment was made, and
(b) the last month for which that index had been published at the date of the payment by way of lump sum.
(4) The reference in paragraph (3) to the retail prices index shall be construed in accordance with section 833(2) of the Taxes Act as if it were a reference in the Income Tax Acts.

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Source: https://www.legislation.gov.uk/uksi/2001/119/regulation/11 (the official version)
Page: https://openlegislation.uk/personal-pension-schemes-transfer-payments-regulations-2001/regulation-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.