Regulation 28 Amendment of the Protected Rights (Transfer Payment) RegulationsI1

The Protected Rights (Transfer Payment) Regulations (Northern Ireland) 1996^f1 shall be amended in accordance with paragraphs (2) and (3)

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

After regulation 3 there shall be inserted the following regulation—

“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 Article 4 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 or under section 2 of the Welfare Reform and Pensions Act 1999, 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 (Northern Ireland) 2000 is complied with.”.