Regulation 6 Giving effect to protected rights in money purchase contracted-out scheme by providing lump sum

(1)

For the purposes of paragraph 9(3)(b) of Schedule 1 to the Act as modified by section 32(2B) of the Social Security Pensions Act 1975 (effect may be given to protected rights in a money purchase contracted-out scheme by the provision of a lump sum where the annual rate of the pension or annuity would not exceed the prescribed amount) the prescribed amount is £104.

(2)

For the purposes of paragraph 9(3)(c) of Schedule 1 to the Act as modified by section 32(2B) of the Social Security Pensions Act 1975 (effect may be given to protected rights in a money purchase contracted-out scheme by the provision of a lump sum in prescribed circumstances) the prescribed circumstances are that—

(a)

effect is given to all the member’s protected rights by the provision of a lump sum; and

(b)

either—

(i)

the member has no rights under the scheme other than his protected rights; or

(ii)

effect is given to all those of his rights under the scheme which are not protected rights by the provision of a lump sum.