68 Restriction on transfers out of unfunded public service defined benefits schemes: Great Britain
Pension Schemes Act 2015 (2015 c 8) | Legislation

Great Britain

68  Restriction on transfers out of unfunded public service defined benefits schemes: Great Britain

(1)     The Pension Schemes Act 1993 is amended as follows.

(2)     In section 95 (ways of taking right to cash equivalent), in subsection (2), after “occupational pension scheme” insert “that is not an unfunded public service defined benefits scheme”.

(3)     In section 95, after subsection (2) insert—

“(2A)     In the case of a member of an occupational pension scheme that is an unfunded public service defined benefits scheme, the ways referred to in subsection (1) are—

(a)     for acquiring transfer credits allowed under the rules of another occupational pension scheme if—

(i)     the benefits that may be provided under the other scheme by virtue of the transfer credits are not flexible benefits,

(ii)     the trustees or managers of the other scheme are able and willing to accept payment

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