SI 2026/580 - The Occupational Pension Schemes (Preservation of Benefit) (Amendment) Regulations 2026

Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format. STATUTORY INSTRUMENTS 2026 No. 580 PENSIONS The Occupational Pension Schemes (Preservation of Benefit) (Amendment) Regulations 2026 Made - - - - 2nd June 2026 Laid before Parliament 3rd June 2026 Coming into force - - 31st July 2026 The Secretary of State makes these Regulations in exercise of the powers conferred by sections 73(4) (b) and 182(2) of the Pension Schemes Act 1993(1). In accordance with section 185(1) of that Act(2), the Secretary of State has consulted such persons as they consider appropriate. Citation, extent and commencement 1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Preservation of Benefit) (Amendment) Regulations 2026. (2) These Regulations extend to England and Wales and Scotland. (3) These Regulations come into force on 31st July 2026. Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 2. In regulation 12 of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991(3) (transfer of member’s accrued rights without consent), after paragraph (7) insert— “(7A) The condition set out in this paragraph is that the receiving scheme or section is authorised under Part 1 of the Pension Schemes Act 2021(4).”. (1) 1993 c. 48. See section 181(1) of this Act for the definitions of “prescribe” and “regulations”. (2) Section 185(1) was amended by paragraph 46 of Schedule 3 and paragraph 80(a) of Schedule 5 to the Pensions Act 1995 (c. 26). (3) S.I. 1991/167, amended by S.I. 2018/240; there are other amending instruments but none are relevant. (4) 2021 c. 1. Part 1 was amended by the Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 (S.I. 2025/1313).Document Generated: 2026-06-03 Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format. Signed by authority of the Secretary of State for Work and Pensions Torsten Bell Parliamentary Under-Secretary of State 2nd June 2026 Department for Work and Pensions 2Document Generated: 2026-06-03 Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format. EXPLANATORY NOTE (This note is not part of the Regulations) These Regulations amend the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 (S.I. 1991/167) (“the Preservation Regulations”). Regulation 12 of the Preservation Regulations sets out the conditions under which an occupational pension scheme may, instead of providing short service benefit (see section 71(1) and (2) of the Pension Schemes Act 1993 (c. 48)), provide for a member’s accrued rights to be transferred to another scheme without the member’s consent. Regulation 12(7) to (9) specifies the conditions under which a member’s relevant money purchase rights (see regulation 12(11)) can be transferred without their consent. These Regulations insert a new paragraph to permit transfers of members’ relevant money purchase rights without the members’ consent where the receiving scheme or section is a collective money purchase scheme authorised under Part 1 of the Pension Schemes Act 2021 (c. 1). A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen. 3