The Protected Rights (Transfer Payment) Regulations 1987

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Protected Rights (Transfer Payment) Regulations 1987 and shall come into force —

(a)for all purposes in relation to personal pension schemes on 27th July 1987; and

(b)for all other purposes on 6th April 1988.

(2) In these Regulations, unless the context otherwise requires —

“the Act” means the Social Security Act 1986;

“the Pensions Act” means the Social Security Pensions Act 1975(1);

“the Abatement of Benefit Regulations” means the Personal and Occupational Pension Schemes (Abatement of Benefit) Regulations 1987(2);

“appropriate personal pension scheme” shall be construed in accordance with Part I of the Act;

“the Board” means the Occupational Pensions Board;

“money purchase contracted-out scheme” and “occupational pension scheme” have the meaning given to those expressions by section 66(1) of the Pensions Act;

“overseas scheme” means an occupational pension scheme which is neither one contracted-out by virtue of section 32 of the Pensions Act nor one which the Board is under a duty to supervise in accordance with section 49 of that Act, and which is administered wholly or primarily outside the United Kingdom;

“paying scheme” means a scheme which is, or was formerly —

and which gives effect to the protected rights of a member of it by making a transfer payment in respect of those rights;

“personal pension scheme” has the same meaning as in section 84(1) of the Act;

“protected rights” has the meaning given to that expression by Schedule 1 to the Act, or where the rights are under a money purchase contracted-out scheme, or a section 49 money purchase scheme, that Schedule as modified by section 32(2B) of the Pensions Act(3);

“salary related contracted-out scheme” means an occupational pension scheme which is contracted-out by virtue of section 32(2) of the Pensions Act;

“scheme” means occupational pension scheme or personal pension scheme;

“section 49 money purchase scheme” means a scheme, which was formerly a money purchase contracted-out scheme, and which the Board are under a duty to supervise in accordance with section 49 of the Pensions Act(4);

“section 49 salary related scheme” means a scheme, which was formerly a salary related contracted-out scheme, and which the Board are under a duty to supervise in accordance with section 49 of the Pensions Act;

“receiving scheme” means a scheme to which a transfer payment is, or is to be, made;

and other expressions have the same meaning as in the Act.

(3) In these Regulations, unless the context otherwise requires, any reference —

(a)to a numbered regulation or Schedule is to the regulation in, or as the case may be, Schedule to, these Regulations bearing that number;

(b)in a regulation to a numbered paragraph is to the paragraph of that regulation bearing that number; and

(c)in a paragraph to a lettered sub-paragraph is to the sub-paragraph of that paragraph bearing that letter.