Commentary on Sections Part 6 – Private Pensions Section 33: Power to prohibit offer of incentives to transfer pension rightsSection 34: Expiry of power in section 33
Section 33 allows the Department 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.
Section 34 provides that Section 33 will be repealed seven years after the section has come into operation if the powers granted have not been exercised.