The Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021
These Regulations prescribe the conditions for pension transfers that the Secretary of State is required to prescribe further to the amendments made by section 125 (exercise of right to cash equivalent) of the Pension Schemes Act 2021 (c. 1) to the Pension Schemes Act 1993 (c. 48) (“the 1993 Act”), in particular the insertion of subsections (6ZA) to (6ZC) into section 95 (ways of taking right to cash equivalent) and of subsections (5A) to (5C) into section 101F (power to give transfer notice). Those sections of the 1993 Act provide for the different ways in which trustees or managers of an occupational or personal pension scheme may, further to application or notice from the member of their scheme (“the transferring scheme”), use the cash equivalent value of, respectively, either the member’s accrued rights to benefits, or pension credit rights, so as to make a transfer of that value into another occupational or personal pension scheme.