Paragraph 24

Paragraph 29 of Schedule 36 (transitional provisions: applicable amount in cases of enhanced protection) is amended as follows.

In sub-paragraph (3), for “(7)” substitute “ (7A) ”.

In the sub-paragraph (6) of paragraph 3 of Schedule 29 substituted by sub-paragraph (3), after “pension” insert “ under a defined benefits arrangement ”.

After the sub-paragraph (7) of that paragraph so substituted insert—

“(7A)

Where the member becomes entitled to a scheme pension under a money purchase arrangement, the applicable amount is (subject to sub-paragraph (8))—

$$\frac{\text{VULSR}}{\mathrm{VUR}}\times \left(\mathrm{LS}+\mathrm{SPPP}\right)$$

where—

VULSR, VUR and LS have the same meaning as in sub-paragraph (1), and

SPPP is the scheme pension purchase price.”