Regulation 29 Amendment of the Protected Rights (Transfer Payment) Regulations 1996

The Protected Rights (Transfer Payment) Regulations 1996 M1 shall be amended as set out in this regulation.

In regulation 3(a) after “consents in writing" there shall be inserted “ or regulation 3A applies ”.

After regulation 3 there shall be inserted—

“ Transfer payments from stakeholder pension schemes without the member’s consent

3A

This regulation applies where—

(a)

a transfer payment is made to a scheme, which is registered as a stakeholder pension scheme under section 2 of the Welfare Reform and Pensions Act 1999 or under Article 4 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 M2, from a scheme which is or was so registered and which has commenced winding-up; and

(b)

regulation 6 of the Stakeholder Pension Schemes Regulations 2000 is complied with.”.