Search Legislation

Advanced Search

The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991

Help about what version

What Version

Help about advanced features

Advanced Features

Changes over time for: Section 6

Help about opening options

Alternative versions:

Changes to legislation:

There are currently no known outstanding effects for the The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991, Section 6. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Means of assuring short service benefitE+W+S

6.—(1) For the purposes of [F1section 73(1) of the Act], short service benefit that is not payable directly out of the resources of the scheme may be assured to the member by means of a transaction to which [F2section 19 of the Act] (extinguishment of liability of scheme for pensions secured by insurance policies or annuity contracts) applies, and which satisfies the requirements of paragraph (2) of this regulation F3....

(2) A transaction satisfies the requirements of this paragraph if—

(a)it results in the member’s short service benefit being secured by one or more policies of insurance or annuity contracts that are appropriate for the purposes of [F2section 19 of the Act]; and

(b)the member will be able to assign or surrender the insurance policies or annuity contracts on the conditions set out in [F4regulation 3 of the Occupational Pension Schemes (Discharge of Liability) Regulations 1997] (conditions on which policies of insurance and annuity contracts may be assigned or surrendered).

(3) For the purposes of paragraph (2) of this regulation, a policy of insurance or annuity contract which is taken out or entered into with an authorised friendly society, but which otherwise satisfies the conditions for being “appropriate” for the purposes of [F2section 19 of the Act], is to be treated as if it were appropriate for the purposes of that section [F5provided the terms of such policy or contract are not capable of being amended, revoked or rescinded].

(4) In this regulation—

[F6“friendly society” has the same meaning as in the Friendly Societies Act 1992 (including any society which by virtue of section 96(2) of that Act is to be treated as a registered friendly society within the meaning of that Act);

“authorised friendly society” means a friendly society which is authorised under section 32 of the Friendly Societies Act 1992 to carry on long term business under any of the Classes specified in Head A of Schedule 2 to that Act.]

Textual Amendments

F3Words in reg. 6(1) omitted (1.2.96) by virtue of S.I. 1995/3067, reg. 2(2)

F4Words in reg. 6(2)(b) substituted (6.4.97) by S.I. 1997/786, sch. 1, para. 3(2)

F5Words in reg. 6(3) inserted (7.2.95) by S.I. 1995/35, reg. 8(a)

F6Words in reg. 6(4) substituted (7.2.95) by S.I. 1995/35, reg. 8(b)

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources