Part 1: Collective Money Purchase Benefits Members’ Rights Section 25: Transfer rights
This section provides members with CMPBs the right to transfer their accrued pension rights to another pension scheme. This right is principally set out in Chapter 1 of Part 4ZA of the Pension Schemes Act 1993 (sections 93-101).
	Subsection (2)(a) amends Section 93(7)(b) of that Act so that it does not apply to CMPBs. Subsection (2)(b) inserts new subsection (10A) into that Act. This states that where a pension scheme is divided into sections, each section of the scheme that relates to CMPBs is to be treated as a separate scheme for the purposes of the transfer provisions in Chapter 1 of Part 4ZA of the Pension Schemes Act 1993.
	Subsection (3) inserts new subsection 3ZA into section 97 of the Pension Schemes Act 1993. This provides that if the six-month deadline for facilitating a CMPB transfer (at section 99(2)(b) of the Pension Schemes Act 1993) is extended to a period which is longer than six months, the reference to six-months in section 97(3)(b) should be read as if it were the period to which the deadline has been extended.
	Subsection 4 amends section 99(2) of the Pension Schemes Act 1993 to make clear that the deadline for facilitating CMPB transfers is six months from the date of application or such longer period as may be prescribed in regulations. For example, operational issues may emerge once these new schemes are bedded in that may necessitate a longer period to facilitate these transfers.
	Subsection (5) inserts new section 99A into the Pension Schemes Act 1993, which places further duties on trustees when they are dealing with an application to transfer a member’s CMPBs. It requires the trustees to notify the member in writing of their cash equivalent. It also stipulates that the trustees cannot facilitate the transfer of the cash equivalent without the written consent of the member for a period of three weeks commencing from the day after the date the trustees notified the member of their cash equivalent. If the trustees fail to comply with this requirement, any agreement reached with a third party regarding the transfer of the member’s cash equivalent is deemed to be void.
	Subsection (6) provides for minor and consequential amendments to be made to section 100B(2) of the Pension Schemes Act 1993.