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

(1)

Amend the Occupational Pension Schemes (Contracting-out) Regulations 1996^f1 as follows.

(2)

In regulation 1(2) (interpretation) for the definition of “overseas scheme” substitute—

““overseas scheme” means an occupational pension scheme which has its main administration outside the member States but does not include a scheme which is contracted-out in the Isle of Man by virtue of satisfying section 9(2) or (3) of the 1993 Act as it has effect in the Isle of Man^f2.”.

(3)

In regulation 62(2) (fixed rate revaluation of guaranteed minimum pensions for early leavers)—

(a)

in sub-paragraph (e) for “6th April 2002, 4.5 per cent.” substitute “6th April 2002 but before 6th April 2007, 4.5 per cent.”; and

(b)

after sub-paragraph (e) add—

“(f)
where that period of service terminates on or after 6th April 2007, 4 per cent. compound.”.

Annotations

Footnotes

f1: S.I. 1996/1172; relevant amending instruments are S.I. 1999/3198 and 2002/681.
f2: See Article 3 of, and the Schedule to, the Pension Schemes Act 1993 (Application) Order 1995, Statutory Document No. 531/95, which applies (with modifications) section 9 of the Pension Schemes Act 1993 to the Isle of Man; and see Article 3(1)(b) of, and Schedule 1 to, the Pensions Act 1995 (Application) Order 1997, Statutory Document No. 501/97, which applies to the Isle of Man the amendments to that in section 136 of the Pensions Act 1995.