The Contracting-out, Protected Rights and Safeguarded Rights (Transfer Payment) Amendment Regulations 2005

• Citation: S.I. 2005/555
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Contracting-out, Protected Rights and Safeguarded Rights (Transfer Payment) Amendment Regulations 2005 and shall come into force on 6th April 2005.

Section 2 Amendment of the Contracting-out (Transfer and Transfer Payment) Regulations 1996

(1) The Contracting-out (Transfer and Transfer Payment) Regulations 1996 shall be amended in accordance with this regulation.

(2) In regulation 6 (transfer payments in respect of guaranteed minimum pensions to overseas schemes)—

(a) after “an overseas scheme” insert “or an overseas arrangement”;

(b) in paragraph (b) for “the earner” to “applies” substitute “, where the receiving scheme is an occupational pension scheme, the earner is in employment to which the receiving scheme applies”;

(c) in paragraph (d) insert “or arrangement”—

(i) after “scheme” where that word first appears; and

(ii) after “receiving scheme”; and

(d) in paragraph (e) insert “or arrangement” after “receiving scheme”.

(3) In regulation 11 (transfer payments to overseas schemes or arrangements in respect of section 9(2B) rights) in paragraph (b)—

(a) omit from “the earner” to “and”; and

(b) for “that he” substitute “the earner”.

Section 3 Amendment of the Protected Rights (Transfer Payment) Regulations 1996

(1) The Protected Rights (Transfer Payment) Regulations 1996 shall be amended in accordance with this regulation.

(2) In regulation 1(2) (interpretation) after the definition of ““money purchase contracted-out scheme”” insert—

“overseas arrangement” means a scheme or arrangement, other than an occupational pension scheme, which—

has effect, or is capable of having effect, so as to provide benefits on termination of employment or on death or retirement to, or in respect of, earners;

is not an appropriate personal pension scheme; and

is administered wholly or primarily outside the United Kingdom;

(3) In regulation 5 (transfer payments to overseas schemes) in paragraph (b) for “the member” to “applies” substitute “, where the receiving scheme is an occupational pension scheme, the member is in employment to which the receiving scheme applies”.

Section 4 Amendment of the Pension Sharing (Pension Credit Benefit) Regulations 2000

(1) The Pension Sharing (Pension Credit Benefit) Regulations 2000 shall be amended in accordance with this regulation.

(2) In regulation 19 (transfer payments to overseas schemes or overseas arrangements) in paragraph (b)—

(a) omit from “the person” to “and”; and

(b) for “that he” substitute “the person with pension credit rights”.