Regulation 4 Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1996

(1)

The Occupational Pension Schemes (Contracting-out) Regulations 1996^f1 are amended in accordance with this regulation.

(2)

In regulation 1(2) (interpretation)^f2, after the definition of “the 2004 Act” insert—

““the 2009 Regulations” means the Registered Pension Schemes (Authorised Payments) Regulations 2009;”.

(3)

In regulation 20(1) (payment of a lump sum instead of a pension payable under a relevant scheme)^f3—

(a)

immediately before sub-paragraph (a), omit “is permitted either”,

(b)

in sub-paragraphs (a) and (b), insert at the beginning “is permitted”, and

(c)

after sub-paragraph (b), insert—

“; or

(c)
is—

(i)
made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004 (meaning of “pension scheme”));

(ii)
a payment that is described in Part 2 of the 2009 Regulations; and

(iii)
made to or in respect of a member.”.

(4)

In regulation 60(1)(b)(i) (payment of a guaranteed minimum pension as a lump sum)^f4—

(a)

omit “qualifies as”,

(b)

in sub-paragraphs (aa) and (bb), insert at the beginning “qualifies as”, and

(c)

after sub-paragraph (bb), insert—

“(cc)
is made by a registered pension scheme (within the meaning given in section 150(2) of the Finance Act 2004 (meaning of “pension scheme”)), is a payment that is described in Part 2 of the 2009 Regulations and is made to or in respect of a member; or”.

Annotations

Footnotes

f1: S.I. 1996/1172.
f2: Relevant amending instrument is S.I. 2005/3377, which inserted the definition of “the 2004 Act”.
f3: Regulation 20 was substituted by S.I. 2006/744.
f4: Regulation 60 was substituted by S.I. 2006/744 and amended by S.I. 2006/1337.