The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2007

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

4.—(1) Amend the Occupational Pension Schemes (Contracting-out) Regulations 1996(1) 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(2).”.

(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.”.

(1)

S.I. 1996/1172; relevant amending instruments are S.I. 1999/3198 and 2002/681.

(2)

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.