The Unfunded Public Service Defined Benefits Schemes (Transfers) Regulations 2015

• Citation: S.I. 2015/1614
• Sections: 2

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Unfunded Public Service Defined Benefits Schemes (Transfers) Regulations 2015.

(2) These Regulations come into force on 7th September 2015 but have no effect in relation to an application made under section 95(1) of the 1993 Act before that date.

(3) In these Regulations—

“the 1993 Act” means the Pension Schemes Act 1993;

“the 1996 Regulations ” means the Contracting-out (Transfer and Transfer Payment) Regulations 1996 ;

“cash equivalent” means a cash equivalent mentioned in section 94(1) of the 1993 Act (right to cash equivalent) ;

“overseas arrangement” has the meaning given in regulation 1(2) of the 1996 Regulations (interpretation) ;

“section 9(2B) rights” has the meaning given in regulation 1(2) of the 1996 Regulations 1996 .

Section 2 Requirements to be met by receiving arrangements

(1) The prescribed circumstances referred to in section 95(5A) of the 1993 Act (prescribed circumstances regarding the construction of section 95(2A)) are that a member of an unfunded public service defined benefits scheme who has acquired a right to a cash equivalent has required the managers of the scheme to use the cash equivalent for subscribing to an overseas arrangement .

(2) The prescribed requirements referred to in section 95(2A)(d) of the 1993 Act (cash equivalent to be used for subscribing to pension arrangements not mentioned in section 95(2A)(a) to (c)) are that the pension arrangement to which it is proposed to subscribe—

(a) is an overseas arrangement;

(b) if the cash equivalent is or includes the cash equivalent of accrued section 9(2B) rights, is one to which a transfer payment in respect of such rights may be made in accordance with regulation 11 of the 1996 Regulations (transfer payments to overseas schemes or arrangements in respect of section 9(2B) rights) ;

(c) if the scheme from which rights are transferred is registered under section 153 of the Finance Act 2004 (registration of pension schemes) , is a qualifying recognised overseas pension scheme as defined in section 169(2) of the Finance Act 2004 (recognised transfers) ; and

(d) may only provide benefits by virtue of the subscription that are not flexible benefits .