Regulation 35 Amendments to the 1995 Regulations

After regulation 4.14 (Monies) insert—

“Reduction of benefits

4.15

(1)

This regulation applies where the scheme administrator of any of the schemes contained in Part 4 of these Regulations pays the whole or any part of the lifetime allowance charge arising on a benefit crystallisation event relating to any of those schemes in relation to a person to whom these Regulations apply.

(2)

The pensions or other benefits payable under these Regulations to or in respect of the person may (notwithstanding any other provision of these Regulations) be reduced by such amount as, in accordance with normal actuarial practice, reflects the amount of the payment made.”.