The draft Pensions Regulator (Contribution Notices) (Sum Specified following Transfer) Regulations 2010 (the Regulations) have now been laid before Parliament and the DWP has published its consultation response.

Under the Pensions Act 2008, The Pensions Regulator (TPR) has the power to calculate the amount due under a contribution notice issued following a bulk transfer of members’ benefits accrued in a defined benefits scheme to a defined contributions scheme. The power applies retrospectively to any accrued rights transferred on or after 14 April 2008. Subject to Parliamentary approval, the Regulations will come into force the day after they are made.