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The Protected Rights (Transfer Payment) Regulations 1987

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Regulation 3

SCHEDULE 3REQUIREMENTS TO BE SATISFIED BY THE RECEIVING SCHEME UNDER REGULATION 3 FOR A TRANSFER PAYMENT TO BE MADE

1.  The transfer payment is applied by the receiving scheme to provide money purchase benefits for or in respect of the member.

2.  In consequence of the transfer payment, and without prejudice to any other rights which the member receives under it, the receiving scheme provides for the member and the member’s widow or widower to be entitled to guaranteed minimum pensions equal to those to which they would have been treated as entitled by virtue of section 4 of the Act, or section 29(2) or (2A) of the Pensions Act, as the case may be, if the transfer payment had not been made, except that the receiving scheme may make provision that any earnings factor of the member is to be revalued in accordance with section 35(7) of the Pensions Act, as modified by regulation 4(6).

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