Regulation 20 Amendment of the 1997 Regulations

for paragraph (1) substitute the following paragraph—

“(1)

Subject to paragraphs (3) to (6) and to regulation F4A a transfer value offered to the Secretary of State by the scheme managers of a registered pension scheme (“the previous scheme”) in respect of a person who has entered pensionable employment may be accepted.”;

omit paragraph (2);

in paragraph (6) omit “or” at the end of sub-paragraph (a), insert “or” at the end of sub-paragraph (b) and after sub-paragraph (b) insert the following sub-paragraph—–

“(c)

the previous scheme was a money purchase arrangement as defined in section 152 of the Finance Act 2004 to which the person’s employer was not a contributor and which provided benefits additional to those provided by a scheme to which he was a contributor.”.

In paragraph (7) for “Paragraph (6) does not apply” substitute “Sub-paragraphs (a) and (b) of paragraph (6) do not apply”.