Regulation 30 Elections as to use of accumulated value of AVCs

Regulation 65 is amended as follows.

For paragraph (6) substitute–

“(6)

The accumulated value may be used, in whole or in part, to provide benefits in the form of a lump sum, provided that the limit on the total amount of a member’s retirement grant and other lump sums set out in regulation 19(3B) is not exceeded.”.

After paragraph (8) insert–

“(8A)

Paragraph (6) shall also apply to a person who made an election under regulation 59(1) or 59(11) prior to 30th June 2005, notwithstanding any provision to the contrary in the former provisions of regulation 65 treated as continuing to have effect under paragraph (8).”.