The Occupational Pension Schemes (Transfer Values) Regulations 1996

PART VI E+W+S MODIFICATION OF THE 1993 ACT

[F1 Extension of time within which member may exercise option to take a cash equivalent shown in the statement of entitlement E+W+S

14.— (1) This regulation applies where—

(a) the member disputes the amount of the cash equivalent shown in the statement of entitlement within three months beginning with the guarantee date; or

(b) the member’s cash equivalent shown in the statement of entitlement has been reduced or increased under regulation 9, including where the member disputes the basis or amount of the increase or reduction within three months beginning with the date that the member is informed in writing that the cash equivalent has been reduced or increased.

(2) Where this regulation applies—

(a) if the member has made an application to take the cash equivalent under section 95(1) of the 1993 Act, that application lapses;

(b) the time for making a fresh application to take the cash equivalent under section 95(1) is extended so that the time is three months beginning with the date on which the member is informed in writing of—

(i) the reduced or increased cash equivalent; or, if later,

(ii) where the cash equivalent shown in the statement of entitlement has been disputed, the finally determined cash equivalent following the dispute, even where the cash equivalent has not changed; and

(c) the time specified in section 99(2)(a) (trustees’ duties after exercise of option) is extended so that the time is six months beginning with the date on which the member is informed in writing of—

(i) the reduced or increased cash equivalent; or, if later,

(ii) where the cash equivalent shown in the statement of entitlement has been disputed, the finally determined cash equivalent following the dispute, even where the cash equivalent has not changed.]

Textual Amendments

F1 Reg. 14 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 6(2)

Cases where normal pension age is earlier than 60 E+W+S

15.   In their application to a member of a scheme whose normal pension age is earlier than 60, section [F2 93(4)(b)] of the 1993 Act (scope of [F3 Chapter 1 of Part 4ZA]) shall have effect as if the words “at least one year" were omitted and [F4 section 95(1A)(b)] of that Act shall have effect as if the references in them to normal pension age were references to the age of 60.

Textual Amendments

F2 Word in reg. 15 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 6(3)(a)

F3 Words in reg. 15 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 6(3)(b)

F4 Words in reg. 15 substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 6(3)(c)

Accrued rights, or liabilities in respect of accrued rights, transferred without consent E+W+S

16.—(1) This regulation applies where—

(a) a member has acquired a right under section 94 of the 1993 Act to a cash equivalent but has not exercised the option conferred by section 95 of that Act; and

(b) the member’s accrued rights have been transferred to another scheme without that member’s consent.

(2)  Where this regulation applies, [F5 Chapter 1 of Part 4ZA] of the 1993 Act shall have effect as if the member’s right to a cash equivalent of the benefits in respect of which a transfer or transfer payment has been made existed in relation to the receiving scheme instead of the transferring scheme.

Textual Amendments

F5 Words in reg. 16(2) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 6(4)

Schemes with an overseas element E+W+S

17.—(1) This regulation applies to schemes with any overseas element, as described in section 165(6) of the 1993 Act (requirements as to preservation of benefit under occupational pension schemes).

(2)  Where this regulation applies, [F6 Chapter 1 of Part 4ZA] of the 1993 Act applies to schemes with any overseas element only to the extent that the requirements specified in or under sections 71 to 82 of the 1993 Act (the preservation requirements) apply to the scheme.

Textual Amendments

F6 Words in reg. 17(2) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 6(5)

Termination of pensionable service in certain circumstances to be disregarded E+W+S

F7 18 .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F7 Reg. 18 omitted (6.4.2015) by virtue of The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 6(6)

Hybrid schemes E+W+S

F8 19 .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F8 Reg. 19 omitted (6.4.2015) by virtue of The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 6(6)