Regulation 3 Modification of orders made in pursuance of section 25B(7)

(1)

This regulation applies in relation to an order under section 23 if—

(a)

it includes provision made by virtue of section 25B(7) which requires the party with pension rights to exercise his right of commutation under an occupational pension scheme to any extent; and

(b)

before the requirement is complied with the Board has assumed responsibility for the scheme as mentioned in section 25E(2)(a).

(2)

The order is to have effect from the time when the trustees or managers of the scheme receive the transfer notice as if—

(a)

references in the order to the trustees or managers of the scheme were references to the Board; and

(b)

references in the order to any pension or lump sum to which the party with pension rights is or may become entitled under the scheme were references to any PPF compensation to which that person is or may become entitled in respect of the pension or lump sum.