Regulation 4 Amendment of regulation 3 of the principal Regulations

For regulation 3 of the principal Regulations^f1 (transfer payments to money purchase contracted-out schemes and appropriate personal pension schemes) there shall be substituted the following regulation—

“Transfer payments to appropriate personal pension schemes

3.

A transfer payment may be made to an appropriate personal pension scheme if—

(a)

the member consents in writing or regulation 3A applies;

(b)

the transfer payment (or, if it forms part of a larger payment giving effect to both protected rights and other rights, that part of it which gives effect to protected rights) is of an amount at least equal to the cash equivalent of the protected rights to which effect is being given, as calculated and verified in a manner consistent with regulations made under section 97 of the 1993 Act^f2 (calculation of cash equivalents); and

(c)

the transfer payment in respect of the member’s protected rights is applied so as to provide money purchase benefits under the receiving scheme for or in respect of the member.”.