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Statutory Instruments

2010 No. 6

Pensions

The Transfer Values (Disapplication) Regulations 2010

Made

5th January 2010

Laid before Parliament

12th January 2010

Coming into force

5th July 2010

M1 The Secretary of State for Work and Pensions makes the following Regulations in exercise of the powers conferred by sections 93(1B)(aa), 101F(6A), 181 and 182(2) of the Pension Schemes Act 1993 .

M2 In accordance with section 185(1) of that Act , the Secretary of State has consulted such persons as the Secretary of State considers appropriate.

Citation, commencement and interpretation

1. —(1) These Regulations may be cited as the Transfer Values (Disapplication) Regulations 2010 and shall come into force on 5th July 2010.

(2) In these Regulations—

“ the Act ” means the Pension Schemes Act 1993;

“ incapacity ” means physical or mental impairment which renders a member of the Scheme incapable of carrying on any occupation, where–

(a)

that member provides evidence to the scheme administrator from a registered medical practitioner that the member is (and will continue to be) suffering from that physical or mental impairment; and

(b)

that member certifies that they have in fact ceased to carry on any occupation;

M3 “ normal minimum pension age ” has the meaning given in section 279(1) of the Finance Act 2004 ;

“ the Scheme ” means the pension scheme established by the Secretary of State under section 67(1) of the Pensions Act 2008;

“ scheme administrator ” has the same meaning as in section 270 of the Finance Act 2004;

M4 “ the transfer value provisions ” means [F1 Chapter 1 of Part 4ZA F1] (protection for early leavers) and Chapter II of Part IVA (requirements relating to pension credit benefit) of the Act; and

M5 “ the Trustee ” means the trustee corporation established under section 75 of the Pensions Act 2008.

Disapplication of the transfer value provisions

2. —(1) Subject to paragraphs (2) and (3), the transfer value provisions do not apply in relation to the Scheme.

(2) Paragraph (1) does not apply (and so the transfer value provisions apply in relation to the Scheme) when a member of the scheme reaches normal minimum pension age and notifies the Trustee of their intention to—

(a) M6,M7 exercise a right to the entirety of a cash equivalent acquired under [F2 section 94(2) F2] of the Act in one of the ways listed in section 95(2) of the Act ; or

(b) M8,M9 require the Trustee to use an amount equal to the entirety of the cash equivalent of their [F3pension creditrightsF3] pursuant to section 101F of the Act for one or more of the authorised purposes listed in section 101F(2) of the Act .

(3) Paragraph (1) does not apply (and so the transfer value provisions apply in relation to the Scheme) when the Trustee is satisfied that a member is suffering from incapacity.

Signed by authority of the Secretary of State for Work and Pensions.

Angela Eagle

Minister of State,

Department for Work and Pensions

Status: There are outstanding changes not yet made by the editorial team to The Transfer Values (Disapplication) Regulations 2010. Any changes that have already been made by the team appear in the content and are referenced with annotations.
The Transfer Values (Disapplication) Regulations 2010 (2010/6)

Displaying information

Status of this instrument

footnotecommentarytransitional and savingsin force statusrelated provisionsgeo extentinsert/omitsource countin force adj
F1Words in reg. 1(2) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498) , regs. 1(2) , 13(2)substituted
F2Words in reg. 2(2)(a) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498) , regs. 1(2) , 13(3)(a)substituted
F3Words in reg. 2(2)(b) substituted (6.4.2015) by The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498) , regs. 1(2) , 13(3)(b)substituted
M11993 c.48 . Section 93(1B)(aa) was inserted by the Pensions Act 2008 (c.30) , section 134(2) . Section 101F(6A) was inserted by the Pensions Act 2008, section 134(3). Section 181 is cited because of the meaning it gives to “prescribed” and “regulations”.
M2Section 185(1) was amended by paragraph 46 of Schedule 3, and paragraph 80(a) of Schedule 5, to the Pensions Act 1995 (c.26) .
M32004 c.12 .
M4Part IVA was inserted by the Welfare Reform and Pensions Act 1999 (c.30) , section 37 .
M5The trustee corporation was named by article 2 of S.I. 2010/3 .
M6Section 94(1) was amended by the Pensions Act 1995 (c.26) , section 154(1) and (2).
M7Section 95(2) was amended by article 121 of S.I. 2001/3649 .
M8Section 101F was inserted by the Welfare Reform and Pensions Act, section 37.
M9Section 101F(2) was amended by article 122 of S.I. 2001/3649 .
Defined TermSection/ArticleIDScope of Application
incapacityreg. 1.legTerml2Z10oww
normal minimum pension agereg. 1.legTermQRLkyDce
scheme administratorreg. 1.legTermXGD7xkaw
the Actreg. 1.legTermeISiiFz4
the Schemereg. 1.legTermPgCkdNVW
the transfer value provisionsreg. 1.legTerm6ZIht4Xv
the Trusteereg. 1.legTermw83wbT21
This instrument is derived from the version at www.legislation.gov.uk. To see a list of all amendments (including any to be made) check the resources page for this instrument on their website. Note, the status of this instrument is given above.
This instrument is derived from the version at www.legislation.gov.uk. To see original commencement information, check the resources page associated with this instrument. n.b. commencement information for marked amendments is embedded in the relevant footnote.

Status of changes to instrument text

The list includes made instruments, both those in force and those yet to come into force. Typically, instruments that are not yet in force (hence their changes are not incorporated into the text above) are indicated by description 'not yet' in the changes made column.