Opting into the scheme: mis-sold pensions
4. In Part B there shall be added the following regulation:–
“Opting into the scheme: mis-sold pensions
B6.—(1) Subject to paragraph (3), this regulation shall apply to a person who, during any period–
(a)was eligible to be an active member of the scheme;
(b)opted out of the scheme under regulation B4(1) and made contributions to a personal pension scheme; and
(c)has suffered loss as the result of a contravention which is actionable under section 62 of the Financial Services Act 1986(1).
(2) Where, at any time, a person to whom this regulation applies elects to rejoin the scheme under regulation B5, there shall, if the Secretary of State so determines, be counted as pensionable service in respect of that person a period equal to the aggregate of–
(a)his additional period of pensionable service as approved by the Secretary of State for the purposes of regulation N3A(2)(a); and
(b)his transferred out service, if any, within the meaning of regulation N3A(5).
provided there has been paid to the Secretary of State in respect of that person a transfer payment calculated in accordance with regulation N3A.
(3) Where, at any time, a person to whom this regulation applies elects to rejoin the scheme under regulation B5 but dies in pensionable employment or becomes entitled to benefits under Part E of these Regulations before the transfer payment referred to in paragraph (2) has been paid to the Secretary of State in respect of him, paragraph (2) shall continue to apply in the case of that person.
(4) In this regulation–
“active member” means a person who is in pensionable service under the scheme; and
“personal pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993(2) and includes–
a retirement annuity contract approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988(3);
a personal pension scheme approved under Chapter IV of Part XIV of the Income and Corporation Taxes Act 1988;
a retirement benefits scheme approved under section 591(2)(g) of the Income and Corporation Taxes Act 1988.”.