Occupational Pension Schemes (Preservation of Benefit) Regulations 1991
Jurisdiction | UK Non-devolved |
Citation | SI 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—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purposes of that section F11provided the terms of such policy or contract are not capable of being amended, revoked or rescinded.(4) In this regulation— F12“friendly society” has the same meaning as in the Friendly Societies Act 1992 (including any society which by virtue of section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
- “the Act” means the Pension Schemes Act 1993;
- “the 1995 Act” means the Pensions Act 1995; ...
- “scheme” means an occupational pension scheme.
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