The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015

Statutory Instruments

2015 No. 498

Pensions

The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015

Made

3rd March 2015

Laid before Parliament

9th March 2015

Coming into force in accordance with regulation 1

The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 93(5) and (10)(a) and (b), 93A(5), 95(2)(b) and (6A), 97(1), (2)(a) and (b), (3B) and (4), 99(4A) and (4B), 101F(6A), 113(1) and (3), 181(1), 182(2) and (3) and 183(1) of the Pension Schemes Act 1993(1), section 10(2)(b) of the Pensions Act 1995(2) and sections 83(1) and 86 of the Pension Schemes Act 2015(3).

Except in relation to regulation 14, by virtue of section 185(2)(d) of the Pension Schemes Act 1993(4) these Regulations were not subject to consultation, because in this case it appeared to the Secretary of State that by reason of urgency consultation was considered inexpedient. In the case of regulation 14, in accordance with section 185(1) of the Pension Schemes Act 1993(5), the Secretary of State has consulted such persons as the Secretary of State considers appropriate.

(1)

1993 c.48. Sections 93 and 93A were substituted by the Pension Schemes Act 2015 c.8 (“the 2015 Act”), section 67 and paragraph 8 of Schedule 4. Section 95(6A) was inserted by the 2015 Act, section 67 and paragraph 9(4) of Schedule 4. Section 97 was amended by the 2015 Act, section 67 and paragraph 11 of Schedule 4. Section 99(4A) was inserted by the Pensions Act 1995 (c.26), section 173 and paragraph 6(c) of Schedule 6 and amended by the Pensions Act 2004 (c.35, section 319(1) and paragraphs 9 and 14(b) of Schedule 12. Section 99(4B) was inserted by the 2015 Act, section 67 and paragraph 13(5) of Schedule 4. Section 101F(6A) was substituted by the 2015 Act, section 67 and paragraph 15(5) of Schedule 4. Section 113(1) was amended by the Child Support, Pensions and Social Security Act 2000 (c.19) section 52(1). Section 181(1) is cited for the meaning it gives to “prescribe” and “regulations”. Section 183(1) was amended by the Pension Act 1995, sections 151, 173 and 177 and paragraph 79 of Schedule 5, paragraph 15(a) of Schedule 6 and Parts 3 and 4 and Schedule 7.

(2)

1995 c.26.

(3)

2015 c.8.

(4)

Section 185(2)(d) was inserted by the Pensions Act 1995, section 151 and Schedule 5, paragraph 80(b).

(5)

Section 185(1) was amended by the Pensions Act 1995, sections 122, 151 and 177 and Schedule 3, paragraph 46 and Schedule 5, paragraph 80.