Regulation 2 Transfer payments giving effect to protected rights

(1)

Subject to regulation 3 (requirements to be satisfied by certain specified receiving schemes), a paying scheme may give effect to the protected rights of a member by the making of a transfer payment —

(a)

to an appropriate personal pension scheme; or

(b)

to an occupational pension scheme,

in the circumstances and subject to the conditions mentioned in paragraphs (2) to (7), and in these Regulations a “transfer payment” means a transfer payment such as is described in this paragraph.

(2)

A transfer payment may be made to an appropriate personal pension scheme in the circumstances described in paragraph 1 of Schedule 1, and on the condition specified in paragraph 1 of Schedule 2.

(3)

A transfer payment may be made to a money purchase contracted-out scheme in the circumstances described in paragraphs 1 and 2 of Schedule 1, and on the condition specified in paragraph 1 of Schedule 2.

(4)

A transfer payment may be made to a section 49 money purchase scheme in the circumstances described in paragraphs 1 and 3 of Schedule 1, and on the conditions specified in paragraphs 1 and 2 of Schedule 2.

(5)

A transfer payment may be made to a salary related contracted-out scheme in the circumstances described in paragraphs 1, 2 and 5 of Schedule 1, and on the condition specified in paragraph 1 of Schedule 2.

(6)

A transfer payment may be made to a section 49 salary related scheme in the circumstances described in paragraphs 1, 3 and 5 of Schedule 1, and on the conditions specified in paragraphs 1 and 2 of Schedule 2.

(7)

A transfer payment may be made to an overseas scheme in the circumstances described in paragraphs 1 and 4 of Schedule 1, and on the conditions specified in paragraphs 1 and 2 of Schedule 2.

(8)

References in Schedules 1 to 3 to “the member” are references to a member referred to in paragraph (1).