Regulation 8 Alternative Scheme

is provided pursuant to these Regulations;

is approved or designed so as to be capable of being approved by the Inland Revenue for the purposes of Chapter I of Part XIV of the Taxes Act;

provides at the request or with the consent of the protected person for the receipt of any transfer payment in respect of accrued pension rights in accordance with regulation 6(4);

contains provision for payment of contributions by protected employees and for valuations of the scheme on a basis both as to the amount of such contributions and as to valuation, frequency and funding of deficits or disposal of surpluses which would not cause the protected person to be in any worse position than under the corresponding provisions contained in the North Scheme or the South Scheme at the time the scheme became a relevant scheme or, if that occurred after the winding up of the North Scheme or the South Scheme, immediately prior to such winding up;

provides future pension rights in accordance with regulation 7; and

may provide benefits for persons other than protected persons upon such terms (not being terms which prejudice sub-paragraph (b) of this paragraph) as the employer or other person having the right to make or change the rules of the scheme may determine and may include additional benefits for the benefit of any one or more of the protected persons who participate in the scheme with or without any obligation to pay additional contributions but so that it cannot be a condition of membership of that scheme that a protected person shall be obliged to accept such additional benefits and make additional contributions; and

is nominated by the employer as an alternative scheme for the purpose of this regulation by notice to any protected person for whom the employer is required to provide an alternative scheme.