Regulation 3 Amendment of regulation 2 of the principal Regulations

For regulation 2 of the principal Regulations (general) there shall be substituted the following regulation—

“2.

(1)

Effect may be given to a member’s protected rights by making a transfer payment from—

(a)

an appropriate personal pension scheme;

(b)

a money purchase contracted-out scheme;

(c)

the money purchase part of a mixed benefit contracted-out scheme; or

(d)

a scheme mentioned in sub-paragraph (a), (b) or (c) which has ceased to be a contracted-out scheme,

to a scheme specified in paragraph (2) below.

(2)

A transfer payment in respect of protected rights may be made to either an—

(a)

appropriate personal pension scheme; or

(b)

occupational pension scheme,

in accordance with regulations 3 to 5.

(3)

In these Regulations a “transfer payment” means a transfer payment such as is described in this regulation.”.