Regulation 39 Replacement of regulation K1

For regulation K1 (contracting-out conditions to be overriding) substitute–

“Contracting-out conditions to be overriding

K1

(1)

The scheme will be administered in conformity with the contracting-out conditions and, with the exception of the circumstances specified in paragraph (2), regulations K2 to K7 override any inconsistent provisions of these Regulations.

(2)

The circumstances referred to in paragraph (1) are–

(a)

where a trivial pension is commuted in accordance with regulation T7 (commutation of trivial pensions);

(b)

where a pension is commuted in accordance with regulations E2(10) (early retirement pension (ill health)), E2A(10) (ill health pension on early retirement) or E6(5) (preserved pension); or

(c)

where a pension is forfeited for the reasons specified in regulation T6(1)(b) or (c) (loss of rights to benefits).

(3)

In this Part–

(a)

“contracting-out conditions” means the conditions specified in sections 9(2A) and (2B) (requirements for certification of schemes) of the 1993 Act;

(b)

“guaranteed minimum” means the guaranteed minimum as defined in sections 13 to 17 of the 1993 Act;

(c)

“guaranteed minimum pension” is a pension calculated in accordance with the guaranteed minimum requirements; and

(d)

“protected rights” has the same meaning as in the 1993 Act.”.