UK Statutory Instrument SI 1996 United Kingdom

Occupational Pension Schemes (Transfer Values) Regulations 1996

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Enforced by
TPR
Status
Amended (in force with amendments)
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Trustee3 Any Person2

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Trustee — also bound by 104 other Acts
Charities Act 2011 27 duties
Any Person — also bound by 2340 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

GENERAL

0 of 2 sections shown
2 other sections in this Part — procedural and definitional
s.001 Citation, commencement and interpretation
s.001 Salary related schemes
Part 2

RESTRICTIONS ON RIGHT TO CASH EQUIVALENT

0 of 5 sections shown
5 other sections in this Part — procedural and definitional
s.002 Pre-1986 leavers
s.002 Collective money purchase schemes during winding-up
s.003 Rules on continuation in employment after termination of pensionable service
s.004 Right to further cash equivalent on termination of employment to which the scheme applies
s.005 Treatment of a number of employments as a single employment
Part 3

... STATEMENTS OF ENTITLEMENT AND CALCULATION OF TRANSFER VALUES

1 of 10 sections shown
s.007 Manner of calculation of initial cash equivalents for collective money purchase benefits Regulated
  • Calculate cash equivalents for collective money purchase benefitsTrustee
9 other sections in this Part — procedural and definitional
s.007 Manner of calculation and verification of cash equivalents - general provisions
s.007 Manner of calculation of initial cash equivalents for salary related benefits other than cash balance benefits not calculated by reference to final salary
s.007 Initial cash equivalents for salary related benefits other than cash balance benefits not calculated by reference to final salary: assumptions and guidance
s.007 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
s.007 Reductions to initial cash equivalents
s.007 Alternative manner of calculating and verifying cash equivalents
s.009 Increases and reductions of cash equivalents shown in the statement of entitlement
s.010 Increases of cash equivalents on late payment
s.011 Disclosure
Part 4

RECEIVING SCHEMES, ANNUITIES AND ARRANGEMENTS

0 of 1 section shown
1 other section in this Part — procedural and definitional
s.012 Requirements to be met by receiving schemes, annuities and arrangements
Part 5

TIME LIMITS FOR PAYMENT OF CASH EQUIVALENTS

0 of 1 section shown
1 other section in this Part — procedural and definitional
s.013 Extension of time limits for payment of cash equivalents
Part 6

MODIFICATION OF THE 1993 ACT

0 of 6 sections shown
6 other sections in this Part — procedural and definitional
s.014 Extension of time within which member may exercise option to take a cash equivalent shown in the statement of entitlement
s.015 Cases where normal pension age is earlier than 60
s.016 Accrued rights, or liabilities in respect of accrued rights, transferred without consent
s.017 Schemes with an overseas element
s.018 Termination of pensionable service in certain circumstances to be disregarded
s.019 Hybrid schemes
Part 7

PENALTIES

0 of 1 section shown
1 other section in this Part — procedural and definitional
s.020 Maximum penalty under section 10 of the 1995 Act
Part 8

REVOCATIONS AND TRANSITIONAL PROVISIONS

0 of 1 section shown
1 other section in this Part — procedural and definitional
s.021 Revocations and transitional provisions
Schedules

Schedules

5 of 29 shown
s.sch001 Where information is made available under paragraph 1 or 2... Regulated
  • Add required statements to transfer value information to membersTrustee
s.sch001 Where information is made available under this Schedule to a... Regulated
  • Include required transfer disclosures for collective money purchase scheme membersTrustee
s.sch001b Where the trustees have requested an insufficiency report under regulation... Regulated
  • Actuary must prepare insufficiency report when trustees request itAny Person
s.sch001b The insufficiency report must contain— (a) a comparison, as at... Regulated
Other duties (1) — Crown / regulator
  • Actuary must prepare an insufficiency report containing asset-liability comparison and allowance statementStatutory regulator
s.sch001b When preparing the insufficiency report— (a) the actuary must make... Regulated
  • Actuary must prepare insufficiency report using proper estimates and priority orderAny Person
24 other schedules
s.sch001 Whether any cash equivalent (within the meaning of Chapter 1...
s.sch001 Whether any transfer value (not being a cash equivalent within...
s.sch001a In a case where two or more paragraphs of this...
s.sch001a Where all or any of a member’s benefits have been...
s.sch001a For the purposes of paragraph 10, “appropriately secured” means the...
s.sch001a Where a scheme has (in the case of a cash...
s.sch001a If, by virtue of regulations made under section 73B(4)(b)(i) of...
s.sch001a Where all or any of the benefits to which an...
s.sch001a The trustees may reduce an initial cash equivalent to reflect...
s.sch001a In the case of a scheme to which Part 3...
s.sch001a The insufficiency conditions are that the last insufficiency report shows...
s.sch001a If the insufficiency conditions are met the trustees may reduce,...
s.sch001a The deficiency percentage for any such part of a member’s...
s.sch001a If, by virtue of regulations made under section 232 of...
s.sch001a In a case where a contributions equivalent premium has been...
s.sch001a Where— (1) The cash equivalent shown in a member’s statement...
s.sch001a Reductions in initial cash equivalents
s.sch001b The actuary may deduct from the assets of the scheme...
s.sch001b Where it appears to the actuary that the circumstances are...
s.sch001b Where rights under an insurance policy are excluded under paragraph...
s.sch001b The value of any rights under an insurance policy included...
s.sch001b The insufficiency report liabilities are— (a) for active members with...
s.sch001b In this Schedule— “relevant assets” means, subject to paragraphs 2(b)...
s.sch002 In the case of an application such as is mentioned...

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