Regulation 7 Amendment of the Registered Pension Schemes (Provision of Information) Regulations 2006

After regulation 17 (payments to insurance companies from unsecured pension funds) insert—

“Transfers between insurance companies

17A.

(1)

This regulation applies if—

(a)

a scheme pension payable by an insurance company (“Insurer A”) ceases to be payable and another scheme pension becomes payable by another insurance company (“Insurer B”), in the circumstances described in regulation 4 of the Registered Pension Schemes (Transfer of Sums and Assets) Regulations 2006 (scheme pension payable by insurance company) (“the Transfer Regulations”)^f1; or

(b)

a lifetime annuity payable by an insurance company (“Insurer A”) ceases to be payable and a new lifetime annuity becomes payable by another insurance company (“Insurer B”), in the circumstances described in regulation 6 of the Transfer Regulations (lifetime annuity).

In the following provisions of this regulation “a relevant transfer” means a transfer which occurs in the circumstances described in regulation 4 or 6 of the Transfer Regulations.

(2)

If in connection with a relevant transfer —

(a)

Insurer A transfers funds to Insurer B; and

(b)

Insurer A was required to provide a statement under regulation 16(3),

Insurer A shall provide Insurer B, within 3 months of the transfer, with a statement containing the information specified in regulation 16(3).

(3)

After the relevant transfer the obligation imposed by regulation 16(3) shall be that of Insurer B.

(4)

Where in connection with a relevant transfer Insurer A transfers funds to Insurer B, and Insurer A was required to provide a statement under regulation 17(3) or 17(6)—

(a)

if the statement was provided under regulation 17(3), Insurer A must provide Insurer B, within 3 months of the transfer, with a statement containing the information specified in regulation 17(3); or

(b)

if the statement was provided under regulation 17(6), Insurer A must provide Insurer B, within 3 months of the transfer, with a statement containing the information specified in regulation 17(7).

(5)

Where paragraph (4)(a) applies, after the relevant transfer the obligation imposed by regulation 17(3) shall be that of Insurer B.

But no statement is required if the percentage expended is nil.

(6)

Where paragraph (4)(b) applies, after the relevant transfer the obligation imposed by regulation 17(6) shall be that of Insurer B.”.