Part 1 Automatic Transfer of Pension Benefits
Pensions Act 2014 (2014 c 19) | Legislation

SCHEDULE 17 Automatic Transfer of Pension Benefits etc

Section 33

Part 1 Automatic Transfer of Pension Benefits

Regulations providing for transfer of cash equivalent of transferable benefits

1

(1)     The Secretary of State must make regulations with a view to ensuring that, where a qualifying member of an automatic transfer scheme has transferable benefits under another pension scheme, the cash equivalent of the transferable benefits—

(a)     is transferred to the automatic transfer scheme, and

(b)     is used to provide rights for the member under it.

(2)     In this Schedule “automatic transfer scheme†means—

(a)     a work-based pension scheme, other than a scheme of a prescribed description, which is registered under Chapter 2 of Part 4 of the Finance Act 2004 and is a money purchase scheme, or

(b)     a pension scheme of a prescribed description.

(3)     In this Schedule “qualifying memberâ€, in relation to an automatic transfer scheme, means an active member of the scheme of a prescribed description.

(4)     For the purposes of this Schedule a person has transferable benefits under a pension scheme if—

(a)     the scheme is a transferable benefits scheme,

(b)     the person is a member of the scheme,

(c)     contributions

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