Transfers of Section 9(2B) rights and GMPs before 6 April 2016 [Archived]
Transfers of Section 9(2B) rights and GMPs before 6 April 2016 [Archived]

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • Transfers of Section 9(2B) rights and GMPs before 6 April 2016 [Archived]
  • Reasons for transferring COSR rights
  • Transfer of COSR rights to a COSR scheme—with member consent
  • Transfer of Section 9(2B) rights
  • Transfer of GMPs
  • What if the transferring scheme was a former COSR scheme?
  • Transfer of COSR rights to an overseas scheme—with member consent
  • Transfer of COSR rights to a scheme other than a COSR scheme or an overseas scheme—with member consent
  • When could COSR rights be transferred without member consent?
  • Where receiving scheme was a former COSR scheme
  • More...

Contracting-out on a salary-related basis (also known as DB contracting-out) was abolished on 6 April 2016. Members of schemes that were contracted-out salary-related schemes (COSR schemes) pre-abolition may have accrued one of two types of contracting-out rights:

  1. guaranteed minimum pensions (GMPs), which are contracting-out rights accrued before 6 April 1997, or

  2. Section 9(2B) rights (also known as post-1997 contracted-out salary-related rights or post-1997 COSR rights), which are accrued on or after 6 April 1997

These contracting-out rights are jointly referred to in this Practice Note as 'contracted-out salary-related rights' or 'COSR rights' for short.

For more information on the legal regime applicable to COSR rights post-6 April 2016, see Practice Note: Legal regime applicable to Section 9(2B) rights and GMPs from 6 April 2016.

Pre-abolition, the legislative requirements applicable when transferring COSR rights were set out in the Contracting-out (Transfer and Transfer Payment) Regulations 1996, SI 1996/1462 (the Contracting-out Transfer Regulations), before they were amended with effect from 6 April 2016 by the Pensions Act 2014 (Abolition of Contracting-out for Salary Related Pension Schemes) (Consequential Amendments and Savings) Order 2016, SI 2016/200.

As a result, the legislative requirements applicable when transferring COSR rights differ slightly depending on whether the transfer is effective before 6 April 2016 or not.

This Practice Note focuses on the legislative requirements applicable before 6 April 2016.

For information on the requirements applicable post-abolition, see

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