Explanatory note

These Regulations are all made under provisions of the Social Security Act 1986 (“the 1986 Act”) before the end of the period of 12 months from the commencement of those provisions. Consequently, by virtue of section 61(5) of the 1986 Act, the provisions of section 61(2) and (3) of the Social Security Pensions Act 1975 (as amended by section 86(1) of, and paragraph 94 of Schedule 10 to, the 1986 Act), which require reference to the Occupational Pensions Board of, and a report by the Board on, proposals to make regulations for certain purposes of both Acts, do not apply to them.

They make provision for the protected rights of a member of a scheme which is or was an appropriate personal pension scheme or a money purchase contracted-out scheme to be given effect to by the making of a transfer payment.

Regulation 2, and Schedules 1 and 2, provide for the circumstances in which, and the conditions subject to which, such a transfer payment may be made.

Regulation 3 and Schedule 3 set out the requirements, if any, to be satisfied by an occupational pension scheme or personal pension scheme for a transfer payment to be made to it.

Regulation 4 provides for Part III of the Social Security Pensions Act 1975 to have effect, subject to modifications, where a transfer payment is made to a scheme which is or was contracted-out under section 32(2) of that Act (a salary related scheme) in order to accommodate the guaranteed minimum pensions to which a member of such a receiving scheme becomes entitled in consequence of that payment.