Regulation 27 Amendment of the Occupational Pension Schemes (Preservation of Benefit) RegulationsI1

after paragraph (1) there shall be inserted the following paragraph—

“(1A)

For the purposes of section 69(4), a scheme may provide for a transfer payment to be made to another occupational or personal pension scheme (as described in section 69(2)(a)(i)) without the member’s consent where the conditions set out in paragraph (6) are satisfied.”, and

after paragraph (5) there shall be added the following paragraph—

“(6)

The conditions set out in this paragraph are that—

(a)

the transferring scheme is or has been a stakeholder pension scheme within the meaning of Article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 or section 1 of the Welfare Reform and Pensions Act 1999, and the receiving scheme is such a scheme;

(b)

the transferring scheme has commenced winding up, and

(c)

the transfer payment is of an amount at least equal to the cash equivalent of the member’s rights under the scheme, as calculated and verified in a manner consistent with regulations made under section 93 (calculation of cash equivalents).”.