Paragraph 7 I1I2

In section 51 (annual increase in rate of pension), after subsection (1) insert—

“(1A)

Where a pension scheme is divided into sections, each section that is a collective money purchase scheme for the purposes of Part 1 of the Pension Schemes Act 2021 (see section 1(2)(b) of that Act) is to be treated for the purposes of this section as a separate occupational pension scheme which is a money purchase scheme.”