UK Statutory Instrument
1996
United Kingdom
Occupational Pension Schemes (Transfer Values) Regulations 1996
At a glance
Enforced by
What's here
3 compliance obligations
Who this Act binds
Plus 1 non-business duty on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part I — GENERAL
Browse 2 other sections in this Part — procedural / definitional / commencement
Salary related schemes
Part II — RESTRICTIONS ON RIGHT TO CASH EQUIVALENT
Browse 5 other sections in this Part — procedural / definitional / commencement
Pre-1986 leavers
Collective money purchase schemes during winding-up
Rules on continuation in employment after termination of pensionable service
Right to further cash equivalent on termination of employment to which the scheme applies
Treatment of a number of employments as a single employment
Part III — ... STATEMENTS OF ENTITLEMENT AND CALCULATION OF TRANSFER VALUES
Browse 10 other sections in this Part — procedural / definitional / commencement
Manner of calculation and verification of cash equivalents - general provisions
Manner of calculation of initial cash equivalents for salary related benefits other than cash balance benefits not calculated by reference to final salary
Initial cash equivalents for salary related benefits other than cash balance benefits not calculated by reference to final salary: assumptions and guidance
Manner of calculation of initial cash equivalents for money purchase benefits (other than collective money purchase benefits) and cash balance benefits not calculated by reference to final salary
Reductions to initial cash equivalents
Alternative manner of calculating and verifying cash equivalents
Manner of calculation of initial cash equivalents for collective money purchase benefits
Increases and reductions of cash equivalents shown in the statement of entitlement
Increases of cash equivalents on late payment
Disclosure
Part IV — RECEIVING SCHEMES, ANNUITIES AND ARRANGEMENTS
Browse 1 other section in this Part — procedural / definitional / commencement
Requirements to be met by receiving schemes, annuities and arrangements
Part V — TIME LIMITS FOR PAYMENT OF CASH EQUIVALENTS
Browse 1 other section in this Part — procedural / definitional / commencement
Extension of time limits for payment of cash equivalents
Part VI — MODIFICATION OF THE 1993 ACT
Browse 6 other sections in this Part — procedural / definitional / commencement
Extension of time within which member may exercise option to take a cash equivalent shown in the statement of entitlement
Cases where normal pension age is earlier than 60
Accrued rights, or liabilities in respect of accrued rights, transferred without consent
Schemes with an overseas element
Termination of pensionable service in certain circumstances to be disregarded
Hybrid schemes
Part VII — PENALTIES
Browse 1 other section in this Part — procedural / definitional / commencement
Maximum penalty under section 10 of the 1995 Act
Part VIII — REVOCATIONS AND TRANSITIONAL PROVISIONS
Browse 1 other section in this Part — procedural / definitional / commencement
Revocations and transitional provisions
Schedules
Where the trustees have requested an insufficiency report under regulation...
- Actuary must prepare insufficiency report when trustees request it
The insufficiency report must contain— (a) a comparison, as at...
Other duties (1) — Crown / regulator
- Actuary must prepare an insufficiency report containing asset-liability comparison and allowance statement Statutory regulator
When preparing the insufficiency report— (a) the actuary must make...
- Actuary must prepare insufficiency report using proper estimates and priority order
Browse 26 other Schedules — structural / supplementary
Whether any cash equivalent (within the meaning of Chapter 1...
Whether any transfer value (not being a cash equivalent within...
Where information is made available under paragraph 1 or 2...
Where information is made available under this Schedule to a...
In a case where two or more paragraphs of this...
Where all or any of a member’s benefits have been...
For the purposes of paragraph 10, “appropriately secured” means the...
Where a scheme has (in the case of a cash...
If, by virtue of regulations made under section 73B(4)(b)(i) of...
Where all or any of the benefits to which an...
The trustees may reduce an initial cash equivalent to reflect...
In the case of a scheme to which Part 3...
The insufficiency conditions are that the last insufficiency report shows...
If the insufficiency conditions are met the trustees may reduce,...
The deficiency percentage for any such part of a member’s...
If, by virtue of regulations made under section 232 of...
In a case where a contributions equivalent premium has been...
Where— (1) The cash equivalent shown in a member’s statement...
Reductions in initial cash equivalents
The actuary may deduct from the assets of the scheme...
Where it appears to the actuary that the circumstances are...
Where rights under an insurance policy are excluded under paragraph...
The value of any rights under an insurance policy included...
The insufficiency report liabilities are— (a) for active members with...
In this Schedule— “relevant assets” means, subject to paragraphs 2(b)...
In the case of an application such as is mentioned...
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- DB to DC transfers and conversions (opens in a new tab) from TPR Detailed Guidance
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
The Pensions Regulator
Regulates workplace pensions, defined benefit schemes, and master trusts. All employers must auto-enrol eligible workers into a workplace pension. Enforces employer duties …
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Browse legislation
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Regulators
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