Regulation 3 Amendment of regulation 2 of the principal Regulations and of the heading to that regulation

(1)

In the heading to regulation 2 of the principal Regulations (transfers of accrued rights to and liability for payment of guaranteed minimum pensions from contracted-out schemes) for “contracted-out schemes” there shall be substituted “contracted-out salary related schemes and section 49 salary related schemes”.

(2)

Regulation 2 of the principal Regulations shall be amended as follows—

(a)

in paragraph (1)—

(i)

for “contracted-out scheme” there shall be substituted “contracted-out salary related scheme or a section 49 salary related scheme”, and

(ii)

for “in paragraphs (2) to (5)” there shall be substituted “in paragraphs (2) to (5A)”;

(b)

in paragraphs (2), (4) and (5), for “another contracted-out scheme” there shall be substituted “a contracted-out salary related scheme or to a section 49 salary related scheme”;

(c)

in paragraph (3)—

(i)

for “to a scheme which is not a contracted-out scheme” there shall be substituted “to an overseas scheme”, and

(ii)

there shall be omitted “in either of the paragraphs”;

and

(d)

after paragraph (5) there shall be inserted the following paragraph—

“5A)

A transfer to a section 49 salary related scheme may be made where it is approved by the Board whether or not subject to conditions;”.