Regulation 28 Amendment of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991

The Occupational Pension Schemes (Preservation of Benefit) Regulations 1991^f1 are amended as follows.

In regulation 10(2) (money purchase benefits) for the words after “calculate” to the end substitute—

“(a)

the money purchase benefits, when they become payable, in accordance with the terms of an insurance policy or annuity contract in which the amount allocated to provide the benefits is invested; or

(b)

a pension under the scheme derived from the money purchase benefits, on the basis of actuarial advice.”.

Omit regulation 14 (computation of benefit – money purchase schemes)^f2.

For regulation 14A (circumstances in which uniform accrual does not apply – money purchase benefits)^f3, substitute—

“Benefits to which section 74(6) does not apply – money purchase benefits

14A.

Section 74(6) of the Act (computation of short service benefit) does not apply to money purchase benefits.”.