Explanatory note

These Regulations prescribe the circumstances in which pensions are exempted from the requirement in sub-paragraph 2(3) of Schedule 28 to the Finance Act 2004 (“the 2004 Act”) that the rate of pension payable in respect of any relevant 12 month period is not less than the rate payable in respect of the previous 12 month period.

Regulation 1 provides for citation, commencement and interpretation.

Regulation 2 prescribes the circumstances in which pensions which have been forfeited are exempt from the requirement set out in sub-paragraph 2(3) of Schedule 28 to the 2004 Act.

Regulation 3 prescribes the circumstances in which pensions which have been reduced are exempt from the requirement set out in sub-paragraph 2(3) of Schedule 28 to the 2004 Act.

These Regulations do not impose any new costs on business.