The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007
| Jurisdiction | UK Non-devolved |
| Citation | SI 2007/814 |
| Year | 2007 |
2007 No. 814
PENSIONS
FAMILY LAW
The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007
Made 12th March 2007
Laid before Parliament 15th March 2007
Coming into force 6th April 2007
The Secretary of State, being a Minister designated1, for the purposes of section 2(2) of the European Communities Act 19722, in relation to matters relating to personal and occupational pensions makes the following Regulations in exercise of the powers conferred by section 2(2) of that Act, section 12A(8) of the Family Law (Scotland) Act 19853, sections 1(1), 9(2B)(c), 12C(1)(a), 16(3), 20(1), 28(2)(b) and (4), 71(6), 113(1) and (2), 181(1) and 182(2) and (3) of the Pension Schemes Act 19934, sections 35(7), 40(1), 66A(3), 73(2)(b), 73B(8), 124(1) and 174(2) and (3) of the Pensions Act 19955, sections 1(5)(c), 8(1), 23(1)(a)(ii), 26(1), 28(1)(f)(ii) and (3)(a), 48(1)(f)(ii) and (3)(a) and 83(4), (5) and (6) of the Welfare Reform and Pensions Act 19996and sections 182(1)(a), 221(1)(b) and (2), 224(1)(b), 227(4), 241(8)(c), 242(10), 249(2)(a), 259(1), 287(6), 288(1), 289(1), 292(1), 315(2) and (5) and 318(1) of the Pensions Act 20047.
In accordance with section 185(1) of the Pension Schemes Act 19938, section 120(1) of the Pensions Act 1995, section 83(11) of the Welfare Reform and Pensions Act 1999 and section 317(1) of the Pensions Act 2004 the Secretary of State has consulted such persons as he considers appropriate.
Citation and commencement
1. These Regulations may be cited as the Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007 and shall come into force on 6th April 2007.
Amendment of the Personal Pension Schemes (Disclosure of Information) Regulations 1987
2.—(1) Amend the Personal Pension Schemes (Disclosure of Information) Regulations 19879as follows.
(2) In Schedule 2 (information to be made available to individuals)—
(a)
(a) omit sub-paragraphs (b) and (c) of paragraph 1; and
(b)
(b) in paragraph 5 for “regulation 10(12) of the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1987” substitute “regulation 12(12) of the Personal and Occupational Pension Schemes (Protected Rights) Regulations 199610(death of member before effect given to his protected rights)”.
(3) In Schedule 3 (other information), in paragraph 4 for “regulation 2(1)(b) of the Personal Pension Schemes (Appropriate Schemes) Regulations 1988” substitute “regulation 2(2)(b) of the Personal Pension Schemes (Appropriate Schemes) Regulations 199711”.
Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991
3.—(1) Amend the Occupational Pension Schemes (Preservation of Benefit) Regulations 199112as follows.
(2) For regulation 5 (short service benefit in lump sum form) substitute—
“5. For the purposes of section 71(6) of the Act (basic principle as to short service benefit), the circumstances in which the trustees or managers of a scheme may provide for payment of short service benefit in the form of a lump sum before normal pension age are that the payment of a lump sum to the member is permitted in accordance with paragraph (a), (b), (e), (f) or (g) of the lump sum rule in section 166(1) of the Finance Act 200413(lump sum rule).”.
(3) In regulation 8 (early retirement or deferred retirement) for paragraph (2) substitute—
“2 The member’s benefit must not be payable before normal pension age except in the circumstances where the member has either—
(a) met the ill-health condition specified in paragraph 1 of Schedule 28 to the Finance Act 2004 (registered pension schemes – defined benefits and money purchase arrangements – ill health condition) immediately before he became entitled to the benefit under the scheme; or
(b) attained normal minimum pension age as defined in section 279 of that Act (other definitions).”.
Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1996
4.—(1) Amend the Occupational Pension Schemes (Contracting-out) Regulations 199614as follows.
(2) In regulation 1(2) (interpretation) for the definition of “overseas scheme” substitute—
““overseas scheme” means an occupational pension scheme which has its main administration outside the member States but does not include a scheme which is contracted-out in the Isle of Man by virtue of satisfying section 9(2) or (3) of the 1993 Act as it has effect in the Isle of Man15.”.
(3) In regulation 62(2) (fixed rate revaluation of guaranteed minimum pensions for early leavers)—
(a)
(a) in sub-paragraph (e) for “6th April 2002, 4.5 per cent.” substitute “6th April 2002 but before 6th April 2007, 4.5 per cent.”; and
(b)
(b) after sub-paragraph (e) add—
“(f)
“(f) where that period of service terminates on or after 6th April 2007, 4 per cent. compound.”.
Amendment of the Protected Rights (Transfer Payment) Regulations 1996
5.—(1) Amend the Protected Rights (Transfer Payment) Regulations 199616as follows.
(2) In regulation 1(2) (interpretation) for the definition of “overseas scheme” substitute—
““overseas scheme” means—
(a) an occupational pension scheme which has its main administration outside the member States; or
(b) a European pensions institution as defined in section 293(8) of the Pensions Act 2004 (functions of Regulator in relation to institutions administered in other member States),
but does not include one which is contracted-out within the meaning of section 7(3) of the 1993 Act nor one in respect of which section 53 of the 1993 Act applies by virtue of section 52(1) of that Act.”.
Amendment of the Contracting-out (Transfer and Transfer Payment) Regulations 1996
6.—(1) Amend the Contracting-out (Transfer and Transfer Payment) Regulations 199617as follows.
(2) In regulation 1(2) (interpretation) for the definition of “overseas scheme” substitute—
““overseas scheme” means—
(a) an occupational pension scheme which has its main administration outside the member States; or
(b) a European pensions institution as defined in section 293(8) of the Pensions Act 2004 (functions of Regulator in relation to institutions administered in other member States),
but does not include a salary-related contracted-out scheme nor one in respect of which section 53 of the 1993 Act applies by virtue of section 52(1) of that Act.”.
Amendment of the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1996
7.—(1) Amend the Personal and Occupational Pension Schemes (Protected Rights) Regulations 199618as follows.
(2) In regulation 8 (giving effect to protected rights by the provision of a lump sum) omit paragraph (2).
Amendment of the Occupational Pension Schemes (Disclosure of Information) Regulations 1996
8.—(1) Amend the Occupational Pension Schemes (Disclosure of Information) Regulations 199619as follows.
(2) In regulation 5 (information to be made available to individuals)—
(a)
(a) in paragraph (12ZA) for “(except excluded persons), within a reasonable period after the date” substitute “(except excluded persons), on, or before, or within a reasonable period after, the date”; and
(b)
(b) after paragraph (15) add—
“16 The requirement in paragraph (12ZA) does not apply in relation to a member or beneficiary whose only entitlement to benefits under the scheme is, or will be, to money purchase benefits.”.
Amendment of the Divorce etc. (Notification and Treatment of Pensions) (Scotland) Regulations 2000
9.—(1) Amend the Divorce etc. (Notification and Treatment of Pensions) (Scotland) Regulations 200020as follows.
(2) In regulation 1 (citation, commencement and interpretation) in paragraph (3) for the definition of “the other party” substitute—
““the other person” means the other person to a marriage or civil partnership.”.
(3) In regulations 2(2) to (4), and 3 to 6 for “party”, wherever it occurs, substitute “person”.
Amendment of the Pensions on Divorce etc. (Pension Sharing) (Scotland) Regulations 2000
10.—(1) Amend the Pensions on Divorce etc. (Pension Sharing) (Scotland) Regulations 200021as follows.
(2) In regulation 3 (circumstances in which an agreement is to be entered into, in order to be considered a “qualifying agreement”) after “divorce” insert “or dissolution of a civil partnership”.
(3) In regulation 4 (prescribed form of provision) for paragraph (c) substitute—
“(c)
“(c) a statement by the transferor and the transferee that they have received confirmation from the Secretary of State that shareable state scheme rights are held in the name of the transferor and that on the—
(i) grant of decree of divorce;
(ii) declarator of nullity of marriage;
(iii) dissolution of civil partnership; or
(iv) declarator of nullity of civil partnership,
a pension sharing agreement will be implemented.”.
(4) In regulation 5 (circumstances in which an agreement is to be entered into, in order to be considered a “qualifying agreement”) after “divorce” insert “or dissolution of a civil partnership”.
Amendment of the Stakeholder Pension Schemes Regulations 2000
11.—(1) Amend the Stakeholder Pension Schemes Regulations 200022as follows.
(2)...
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