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Statutory Instrument 1996 No. 1847

The Occupational Pension Schemes (Transfer Values) Regulations 1996

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1996 No. 1847

PENSIONS

The Occupational Pension Schemes (Transfer Values) Regulations 1996

Made15th July 1996
Laid before Parliament23rd July 1996
Coming into force6th April 1997


ARRANGEMENT OF REGULATIONS

PART I
GENERAL
1. Citation, commencement and interpretation
PART II
RESTRICTIONS ON RIGHT TO CASH EQUIVALENT
2. Pre-1986 leavers
3. Rules on continuation in employment after termination of pensionable service
4. Right to further cash equivalent on termination of employment to which the scheme applies
5. Treatment of a number of employments as a single employment
PART III
GUARANTEED STATEMENTS OF ENTITLEMENT AND CALCULATION OF TRANSFER VALUES
6. Guaranteed statements of entitlement
7. Manner of calculation and verification of cash equivalents
8. Further provisions as to calculation of cash equivalents and increases and reductions of cash equivalents (other than guaranteed cash equivalents)
9. Increases and reductions of guaranteed cash equivalents
10. Increases of cash equivalents on late payment
11. Disclosure
PART IV
RECEIVING SCHEMES, ANNUITIES AND ARRANGEMENTS
12. Requirements to be met by receiving schemes, annuities and arrangements
PART V
TIME LIMITS FOR PAYMENT OF CASH EQUIVALENTS
13. Extension of time limits for payment of cash equivalents
PART VI
MODIFICATION OF THE 1993 ACT
14. Extension of time within which member may exercise option to take a guaranteed cash equivalent
15. Cases where normal pension age is earlier than 60
16. Accrued rights, or liabilities in respect of accrued rights, transferred without consent
17. Schemes with an overseas element
18. Termination of pensionable service in certain circumstances to be disregarded
19. Hybrid schemes
PART VII
PENALTIES
20. Maximum penalty under section 10 of the 1995 Act
PART VIII
REVOCATIONS AND TRANSITIONAL PROVISIONS
21. Revocations and transitional provisions

SCHEDULES

 1. Information to be made available to members

 2. Transitional provisions

 3. Revocations

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