Commentary on Sections Part 6 – Private Pensions Section 34: Power to prohibit offer of incentives to transfer pension rightsSection 35: Expiry of power in Section 34
152.Section 34 allows the Secretary of State to make regulations to prohibit a person from offering a financial or similar incentive to another person with the intention of inducing a member of a salary-related occupational pension scheme to transfer their rights out of that pension scheme into another pension scheme or arrangement. Regulations may provide that the prohibition applies to the offer of an incentive by the person who will provide the incentive, or by another person, for example, an agent. It also provides for penalties to be introduced if the prohibition is contravened.
153.Section 35 provides that section 34 will be repealed seven years after the section has come into force if the powers granted have not been exercised.