Regulation 3 Transfer payments to money purchase contracted-out schemes and appropriate personal pension schemes

A transfer payment may be made to a money purchase contracted-out scheme or an appropriate personal pension scheme if—

(a)

the member consents in writing;

(b)

the transfer payment (or, if it forms part of a larger payment giving effect to both protected 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 93^f1 (calculation of cash equivalents);

(c)

in the case of a transfer payment to a money purchase contracted-out scheme, the member—

(i)

is employed by an employer who is a contributor to the receiving scheme, or

(ii)

has previously been a member of the receiving scheme, and

(d)

the transfer payment is applied so as to provide money purchase benefits under the receiving scheme for, or in respect of, the member.

Annotations

Footnotes

f1: Section 93 was amended by paragraph 6 of Schedule 4 to the Pensions (Northern Ireland) Order 1995