Occupational Pension Schemes (Preservation of Benefit) Regulations 1991

JurisdictionUK Non-devolved
CitationSI 1991/167
(1) These Regulations may be cited as the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991.(2) These Regulations come into force on 28th February 1991.(3) In these Regulations, unless the context otherwise requires—(4) Any information or documents required to be furnished under these Regulations to a person, may be given in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (giving information and documents) .(1) This regulation applies for the purposes of F3Chapter I of Part IV of the Act (occupational pension schemes) .(2) In relation to an employed earner, “employer” means the secondary contributor in relation to any payment of earnings in respect of the employment concerned.(3) In relation to a self-employed earner, “employer” means any other person, government department, public authority or body of persons who has made, or is to make, payments to the scheme in respect of the earner.(4) In this regulation, “employed earner” and “self-employed earner” mean the same as in section 2 of the Social Security Act 1975 (categories of earners) and “secondary contributor” means the same as in section 4 of that Act (Class 1 contributions-incidence) .(1) This regulation applies for all the purposes of F4Chapter I of Part IV of the Act.are in pensionable service under the scheme;have rights under the scheme by virtue of such pensionable service; orhave rights under the scheme by virtue of having been allowed transfer credits under the scheme.any persons who are able, at their own option, to become members of the scheme, andany persons who under the terms of their contracts of service and the scheme rules will become so able, if they continue in the same employment for a sufficiently long period.(1) For the purposes of F6section 75(1) (c) of the Act, in the circumstances set out in paragraph (2) below, “supplementary credits” include any increase of benefit or additional benefit that is of an amount, or at a rate, unrelated to length of pensionable service or to the number or amount of contributions paid by or for the member.(2) The circumstances referred to in paragraph (1) are that the member becomes entitled to the increase of benefit or additional benefit in consequence of a provision made by or under the scheme after he becomes a member of it and before his pensionable service terminates.
  • to the member is permitted in accordance with paragraph (a) , (b) ,
  • made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004 (meaning of “pension scheme”) ) ;
  • a payment that is described in Part 2 of the Registered Pension Schemes (Authorised Payments) Regulations 2009; and
  • made to or in respect of a member.
  • (1) For the purposes of F7section 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 F8section 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 ....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 F8section 19 of the Act; andthe member will be able to assign or surrender the insurance policies or annuity contracts on the conditions set out in F10regulation 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 F8section 19 of the Act, is to be treated as if it were appropriate for the purposes of that section F11provided the terms of such policy or contract are not capable of being amended, revoked or rescinded.(4) In this regulation— F12“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

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