Regulation 4 Amendments to the Principal Regulations

in paragraph (1)(c) for the words “statutory scheme” there shall be substituted “relevant statutory scheme”, and

for paragraph (2) there shall be substituted

“(2)

A transfer payment shall comprise the whole of the accumulated fund held in connection with any arrangements made by the individual in accordance with the scheme except that, where the fund–

(a)

includes protected rights, or

(b)

has been, or will be, used to pay a personal pension protected rights premium,

the amount of the fund which represents those rights or has been, or will be, so used may be excluded.”