The Transfer Values (Disapplication) Regulations 2010

• Citation: S.I. 2010/6
• Sections: 2

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Transfer Values (Disapplication) Regulations 2010 and shall come into force on 5th July 2010.

(2) In these Regulations—

“ the Act ” means the Pension Schemes Act 1993;

“ incapacity ” means physical or mental impairment which renders a member of the Scheme incapable of carrying on any occupation, where–

that member provides evidence to the scheme administrator from a registered medical practitioner that the member is (and will continue to be) suffering from that physical or mental impairment; and

that member certifies that they have in fact ceased to carry on any occupation;

“ normal minimum pension age ” has the meaning given in section 279(1) of the Finance Act 2004 ;

“ the Scheme ” means the pension scheme established by the Secretary of State under section 67(1) of the Pensions Act 2008;

“ scheme administrator ” has the same meaning as in section 270 of the Finance Act 2004;

“ the transfer value provisions ” means Chapter 1 of Part 4ZA (protection for early leavers) and Chapter II of Part IVA (requirements relating to pension credit benefit) of the Act; and

“ the Trustee ” means the trustee corporation established under section 75 of the Pensions Act 2008.

Section 2 Disapplication of the transfer value provisions

(1) Subject to paragraphs (2) and (3), the transfer value provisions do not apply in relation to the Scheme.

(2) Paragraph (1) does not apply (and so the transfer value provisions apply in relation to the Scheme) when a member of the scheme reaches normal minimum pension age and notifies the Trustee of their intention to—

(a) exercise a right to the entirety of a cash equivalent acquired under section 94(2) of the Act in one of the ways listed in section 95(2) of the Act ; or

(b) require the Trustee to use an amount equal to the entirety of the cash equivalent of their pension credit rights pursuant to section 101F of the Act for one or more of the authorised purposes listed in section 101F(2) of the Act .

(3) Paragraph (1) does not apply (and so the transfer value provisions apply in relation to the Scheme) when the Trustee is satisfied that a member is suffering from incapacity.