Article 16 Restrictions on contributions and transfers in and benefits attributable to them

(1)

The AVC Order is amended as follows.

(2)

In article 2(1) (interpretation) omit the definitions of “Class A contributor”, “Class B contributor”, “Class C contributor”, “final remuneration”, “maximum pension”, “permitted maximum”, “retained benefits” and “retained death benefits”.

(3)

In article 5 (contributions)—

(a)

omit paragraphs (3)^f1 and (4), and

(b)

for paragraph (5) substitute—

“(5)

The Managers shall only accept payment of a transfer value in respect of a person to the AVC scheme if it is from a registered pension scheme and—

(a)

the scheme is a personal pension scheme, or

(b)

the transfer value relates to voluntary contribution rights.”.

(4)

Omit article 11 (maximum benefits) and Schedules 1 and 2 (final remuneration and maximum benefits).

Annotations

Footnotes

f1: Sub-paragraph (a) of article 5(3) was substituted by article 4 of S.I. 1999/2101.