Regulation 14 Amendments to the 1995 Regulations

Regulation 2.24 (Benefits which may be provided) is amended as follows.

In paragraph (1) delete from “Subject” to “2.13,”.

For paragraph (2) substitute—

“(2)

The only benefits permitted in respect of the contributions paid by the member are those benefits which—

(a)

in relation to a money purchase arrangement as defined in section 152(2) of the 2004 Act, or

(b)

in relation to a lump sum death benefit as defined in paragraph 13 or paragraph 14 of Schedule 29 to the 2004 Act,

would constitute authorised member payments under section 164 of the 2004 Act.”.

Paragraph (3) is revoked.

For paragraph (4) substitute—

“(4)

Benefits may be paid at or after a member’s normal minimum pension age.

(5)

At or after his normal minimum pension age the member may choose which type of benefit falling within paragraph (2) shall be payable and shall give the administrators notice of this choice in writing.

(6)

In this regulation “normal minimum pension age” has the meaning given in section 279(1) of the 2004 Act”.