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Regulation 1 Citation, commencement and interpretation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

These Regulations may be cited as the Protected Rights (Transfer Payment) Regulations 1987 and shall come into force —

(a)

for all purposes in relation to personal pension schemes on 27th July 1987; and

(b)

for all other purposes on 6th April 1988.

(2)

In these Regulations, unless the context otherwise requires —

  • “the Act” means the Social Security Act 1986;

  • “the Pensions Act” means the Social Security Pensions Act 1975f1;

  • “the Abatement of Benefit Regulations” means the Personal and Occupational Pension Schemes (Abatement of Benefit) Regulations 1987f2;

  • “appropriate personal pension scheme” shall be construed in accordance with Part I of the Act;

  • “the Board” means the Occupational Pensions Board;

  • “money purchase contracted-out scheme” and “occupational pension scheme” have the meaning given to those expressions by section 66(1) of the Pensions Act;

  • “overseas scheme” means an occupational pension scheme which is neither one contracted-out by virtue of section 32 of the Pensions Act nor one which the Board is under a duty to supervise in accordance with section 49 of that Act, and which is administered wholly or primarily outside the United Kingdom;

  • “paying scheme” means a scheme which is, or was formerly —

    1. (a)

      an appropriate personal pension scheme; or

    2. (b)

      a money purchase contracted-out scheme,

    and which gives effect to the protected rights of a member of it by making a transfer payment in respect of those rights;

  • “personal pension scheme” has the same meaning as in section 84(1) of the Act;

  • “protected rights” has the meaning given to that expression by Schedule 1 to the Act, or where the rights are under a money purchase contracted-out scheme, or a section 49 money purchase scheme, that Schedule as modified by section 32(2B) of the Pensions Actf3;

  • “salary related contracted-out scheme” means an occupational pension scheme which is contracted-out by virtue of section 32(2) of the Pensions Act;

  • “scheme” means occupational pension scheme or personal pension scheme;

  • “section 49 money purchase scheme” means a scheme, which was formerly a money purchase contracted-out scheme, and which the Board are under a duty to supervise in accordance with section 49 of the Pensions Actf4;

  • “section 49 salary related scheme” means a scheme, which was formerly a salary related contracted-out scheme, and which the Board are under a duty to supervise in accordance with section 49 of the Pensions Act;

  • “receiving scheme” means a scheme to which a transfer payment is, or is to be, made;

  • and other expressions have the same meaning as in the Act.

(3)

In these Regulations, unless the context otherwise requires, any reference —

(a)

to a numbered regulation or Schedule is to the regulation in, or as the case may be, Schedule to, these Regulations bearing that number;

(b)

in a regulation to a numbered paragraph is to the paragraph of that regulation bearing that number; and

(c)

in a paragraph to a lettered sub-paragraph is to the sub-paragraph of that paragraph bearing that letter.

Annotations

Footnotes

f1

1975 c. 60.

f2

S.I. 1987/1113

f3

Section 32(2B) is inserted in the Social Security Pensions Act 1975 (c. 60) by the Social Security Act 1986 (c. 50), section 6 and Schedule 2, paragraph 5(b).

f4

Section 49 is amended by the Social Security Act 1986 (c. 60), section 6 and Schedule 2, paragraph 9, and see section 86 and Schedule 10, paragraph 24.