Regulation 5 Transfer payments to overseas schemes

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

reg. 5 words inserted by Occupational and Personal Pension Schemes (Contracting-out) 2002 reg. 3(3)(a)
reg. 5(b) words substituted by Occupational and Personal Pension Schemes (Contracting-out) 2002 reg. 3(3)(b)
reg. 5(d) words inserted by Occupational and Personal Pension Schemes (Contracting-out) 2002 reg. 3(3)(c)
reg. 5(d)(e) words inserted by Occupational and Personal Pension Schemes (Contracting-out) 2002 reg. 3(3)(d)

A transfer payment may be made to an overseas scheme if—

(a)

the member consents in writing;

(b)

the trustees of the transferring scheme have taken reasonable steps to satisfy themselves that the member has emigrated on a permanent basis and has entered employment to which the receiving scheme applies;

(c)

the transfer payment (or, if it forms part of a larger payment giving effect to both protected and other rights, that part 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;

(d)

the member has acknowledged in writing that he accepts that the scheme to which the transfer payment is to be made may not be regulated in any way by the law of the United Kingdom and that as a consequence there may be no obligation under that law on the receiving scheme or its trustees to provide any particular value or benefit in return for the transfer payment, and

(e)

the trustees of the transferring scheme have taken reasonable steps to satisfy themselves that the member has received a statement from the receiving scheme showing the benefits to be awarded in respect of the transfer payment and the conditions (if any) on which these could be forfeited or withheld.